Piyush Goyal Leads India at UNCTAD XVI in Geneva
Minister highlights India’s economic growth, sustainability leadership, and South-South cooperation at UN trade and development forum.
GG News Bureau
Geneva, 22nd Oct: Union Minister of Commerce and Industry, Piyush Goyal, led India’s delegation at the XVIth Session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva, delivering India’s national statement and engaging in key discussions on global trade, development, and sustainability.
Addressing the conference, Goyal highlighted India’s emergence as one of the top five global economies, with over 7% average annual growth over the past three years. He emphasized the country’s progress in lifting millions out of poverty and fostering a growing middle class, driving rising incomes and domestic demand.
The Minister underlined India’s leadership in clean energy, with half of its installed power capacity coming from renewables and a current capacity of 250 GW, aiming for 500 GW by 2030. Despite hosting 17% of the world’s population, India contributes only 3.5% of global emissions. Goyal stressed that developed countries must fulfil Paris Agreement commitments, including providing $100 billion in finance and technology support to developing nations.
Goyal called for strengthened South-South cooperation on critical minerals, fertilizers, and supply chain management. He noted India’s role in bridging the technological divide through digital public infrastructure, serving over one billion internet users. India’s young population, averaging 28.5 years, combined with strong democratic institutions, fuels sustainable and inclusive growth.
Highlighting inclusive development, the Minister pointed out that women account for 14% of entrepreneurs in India, while MSMEs create and support millions of jobs. The services sector contributes 55% to GDP and has maintained double-digit export growth over the past decade. He urged the Global South to present a united voice on issues such as non-market practices, tariff barriers, and supply chain overconcentration.
At the Ministerial Roundtable on “Resilient, Sustainable, and Inclusive Supply Chains and Trade Logistics,” Goyal stressed India’s self-reliance under Atmanirbhar Bharat, especially in medicines and vaccines. He highlighted India’s trillion-dollar infrastructure plan, including $130 billion annual investments, airport expansions, enhanced rail, road, and inland waterways networks, and manufacturing strengthening to position India as a reliable global partner.
On the sidelines, Goyal held bilateral discussions with Teresa Ribera Rodriguez, Executive Vice President of the European Commission, on the Carbon Border Adjustment Mechanism’s impact on Indian exports, and with Rebecca Grynspan, Secretary-General of UNCTAD, to advance equitable economic transformation and South-South cooperation.
The Minister’s participation reaffirmed India’s commitment to a rules-based multilateral system, promoting equitable, inclusive, and sustainable development, aligned with UNCTAD XVI’s theme: “Shaping the Future: Driving Economic Transformation for Equitable, Inclusive, and Sustainable Development.”
