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Business EconomyPosted at: Sep 22 2020 11:15PM


Goyal stresses on importance small retailers in sustaining food chains and essential supplies

New Delhi, Sep 22 (UNI) Union Commerce and Industry Minister Piyush Goyal said on Tuesday it is important to recognise the important role of small retailers in sustaining food chains and essential supplies to help sustain lives and economic activity through the Covid-19 pandemic and in future.
Taking part in the virtual meeting of the G-20 Trade and Investment Ministers, Mr Goyal said that under the visionary leadership of Prime Minister Narendra Modi, India has used the current crisis as an opportunity to usher in bold and transformational reforms in the areas of agriculture, mining, defence, space technology, logistics, financial & other sectors.
He said,''We are actively welcoming investment in infrastructure creation and our industrial and services businesses. The world is also recognizing the huge opportunities in India.''

Making interventions during the meeting, he called upon G-20 to play a leadership role in crafting a pathway to recover from COVID19.
He said that one of the key lessons for all countries is the need to strike the right balance between their external and internal economic policies, with a view to ensuring balanced and sustainable development.
He said that India stands ready to engage constructively with all G-20 Members to push an agenda that is inclusive and development oriented.
Mr Goyal announced that India is not in a position to accept the concept of Data Free Flow with Trust (DFFT). He said that India is of the view that the concept of DFFT is neither well understood nor is comprehensive enough in the legislation of many countries.
''Moreover, in view of the huge digital divide among countries, there is a need for policy space for developing countries who still have to finalize laws around digital trade and data. Data is a potent tool for development and equitable access of data is a critical aspect for us.
''India, like many other developing countries, is still in the phase of preparing a framework for its data protection and e-commerce laws. Moreover, the existing regulations on which DFFT is sought to be premised, such as uninhibited cross border flow of data, are grossly inadequate to address our concerns on data access. This could further aggravate the digital divide.''
He said that India along with some other G-20 Members, did not participate in the Osaka track last year due to some reservations.
Describing G20 as a significant grouping representing the majority of the world’s population, its GDP and trade, Mr Goyal said that ''we must pursue an agenda that is universally beneficial and also takes into account the interests of Members outside the G-20''.
He stressed on the need to be sensitive to diverse economic realities.
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