India's commerce and industry minister Piyush Goyal has firmly rejected the idea of joining the Regional Comprehensive Economic Partnership (RCEP), stating that it does not align with India's national interests. He cited concerns over the agreement's potential impact on Indian farmers, small and medium enterprises, and its perceived nature as a free trade agreement primarily benefiting China.
India 's commerce and industry minister ruled out the idea of joining the Regional Comprehensive Economic Partnership , maintaining that it is not in the country's interest to be part of a free trade agreement with China .
"It was not in our farmers' interest, RCEP did not reflect the aspirations of our small and micro medium industries and sector, and in some form, was nothing but a free trade agreement with China," he said. "Certainly nobody back home would like to have an FTA with non-transparent economy, very opaque in its economic practices, where both trading systems, political systems, the economy — the way it is managed — is completely different from what the democratic world wants."
"China Plus One" is a phrase used to describe a supply chain strategy that sees companies diversifying manufacturing and sourcing, by continuing operations in the mainland while also expanding into other countries. This approach aims to reduce risks linked to complete reliance on a single country's market or supply chain.
"We expect the demand for semiconductor products to be about $100 billion by 2030, and will grow exponentially thereafter," he said, adding that interest in India's semiconductor industry is expanding"by leaps and bounds."similar to the U.S., Taiwan, and South Korea, actively seeking foreign companies to set up their operations in the country., bringing the total count of plants under development in India to four.
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