Indian Economy News

Union Minister of Commerce and Industry Mr. Piyush Goyal leads India's delegation at the 16th session of UNCTAD in Geneva

Union Minister of Commerce and Industry Mr. Piyush Goyal led India’s delegation at the 16th Session of the United Nations Conference on Trade and Development (UNCTAD XVI) in Geneva, where he delivered India’s national statement and participated in key discussions. In his address, he highlighted India’s emergence as one of the top five global economies and the fastest-growing large economy, averaging over 7% annual growth in the past three years. He emphasised that India doubles its economy every eight years and has lifted millions out of poverty, contributing to a rapidly expanding middle class that fuels demand. He underlined India’s sustainability leadership, with half its installed power capacity from renewable sources currently 250 gigawatts (GW) and a target of 500 GW by 2030. He urged developed nations to fulfil Paris Agreement commitments, including providing Rs. 8,78,700 crore (US$ 100 billion) in affordable finance and technology transfer, while opposing environmental trade barriers that unfairly burden developing economies.
He also highlighted India’s progress in digital inclusion, supported by one billion internet users and a median age of 28.50 years. He noted that women now account for 14% of entrepreneurs. At the same time, micro, small, and medium enterprises (MSMEs) generate millions of jobs and 55% of Gross Domestic Product (GDP) through sustained double-digit export growth. At the Ministerial Roundtable on “Towards Resilient, Sustainable, and Inclusive Supply Chains and Trade Logistics,” he emphasised India’s infrastructure investments of about Rs. 11,42,310 crore (US$ 130 billion) annually under the Atmanirbhar Bharat master plan. He reaffirmed India’s commitment to equitable global growth through South-South cooperation and a rules-based multilateral trading system. On the sidelines, he met European Commission Executive Vice-President for Clean, Just and Competitive Transition, Ms. Teresa Ribera Rodriguez, and UNCTAD Secretary-General Ms. Rebecca Grynspan to discuss sustainable trade, clean transitions, and strengthening partnerships

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