India open to reviewing China investment rules: Piyush Goyal at BS Manthan

Union Commerce Minister Piyush Goyal says India is accelerating trade deals, including talks with Gulf nations and Chile, as the country positions itself as a trusted partner in global supply chains

India is open to reviewing its investment stance towards China as it looks to expand domestic manufacturing and strengthen its position in global value chains, Union Commerce and Industry Minister Piyush Goyal said on Tuesday.

 

“We are in dialogue with industry, we have an open mind to how we can attract more tech and investment from China. It’s an evolving situation and open to newer ideas,” the minister said at BS Manthan, Business Standard's flagship event, in New Delhi.

 

Goyal said Press Note 3, which tightened investment rules for neighbouring countries, was introduced to protect Indian businesses from "opportunistic takeovers", especially during Covid when valuations had taken a hit.

 

The government’s immediate priority was to accelerate approvals and strengthen supply chains, he added.

 

When will India resume trade talks with the US?

 

On trade negotiations with the US, Goyal said discussions would resume once there was "more clarity" on the overall situation.

 

His remarks come after a team headed by India’s chief trade negotiator for the US postponed its visit to Washington DC after the US Supreme Court struck down tariffs imposed by President Donald Trump.

 

How is India positioning itself in global supply chains?

 

Goyal said India’s growing reputation as a reliable partner was helping integrate the country into global supply chains. “The moment the world sees India as a trusted partner, they wish to have us in the global supply chains, they wish Indians to work in their corporations,” he said.

 

According to him, India’s lower labour costs and expanding trade access were creating new export opportunities. “Today two-thirds of the world market is open for us and with our labour cost being extremely lower, it opens up a plethora of opportunities for us,” he said.

 

Goyal said India had launched FTA negotiations with the Gulf Cooperation Council and was targeting an ambitious timeline. “They were amazed at my suggestion that we should conclude it within an year’s time,” he said.

 

The minister added that India would also conclude an FTA with Chile soon, with critical minerals as the central focus.

 

What role will industrial policy and quality standards play?

 

Goyal said India’s industrial policy will continue to focus on quality and sustainability, which he described as essential for global competitiveness.

 

“Industrial policy will always rest on two pillars: high quality and sustainability. We can’t become a global player without these two,” he said.

 

He added that government initiatives, including production-linked incentive schemes and research support, were aimed at kickstarting growth in key sectors such as semiconductors and advanced technologies.

 

On quality standards, he said stricter norms were needed to protect consumers and industry. “Our effort is that countries should have only one quality, and that should be good quality, because there is no bigger stakeholder than 140 crore Indians,” he said.