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, underlining the nation’s growing economic stature and commitment to sustainable, inclusive development.
Addressing the conference, Goyal highlighted India’s transformation into one of the top five global economies, maintaining an average annual growth of over seven per cent over the past three years. He noted that millions of Indians have been lifted out of poverty, joining the burgeoning middle class and fueling rising incomes and demand.
The Minister emphasized India’s leadership in sustainability, citing that half of the country’s installed power capacity comes from renewable sources, with 250 GW currently operational and a target of 500 GW by 2030. While India contributes only 3.5 per cent to global emissions, it continues to take proactive measures against climate change impacts. Goyal called on developed nations to honour commitments under the Paris Agreement, particularly regarding low-cost financing, technology transfer, and avoided burden-shifting through trade restrictions.
Goyal also stressed the importance of South-South cooperation in areas such as critical minerals access, fertilizers, and supply chain management. Highlighting India’s digital public infrastructure, he noted the empowerment of one billion internet users and the country’s technological edge, including being the second-largest user base of ChatGPT globally.
Focusing on inclusive development, the Minister highlighted India’s growing number of women entrepreneurs, robust MSME sector, and a services sector contributing 55 per cent to GDP with sustained double-digit export growth. He also flagged global challenges such as non-market practices, tariff and non-tariff barriers, and technological restrictions that disproportionately impact developing countries, calling for the Global South to act with a unified voice.
At the Ministerial Roundtable on resilient and sustainable supply chains, Goyal reiterated India’s commitment to self-reliance under Atmanirbhar Bharat, highlighting domestic production of medicines and COVID vaccines, ongoing infrastructure investments, and initiatives to strengthen transport and logistics networks.
On the sidelines, the Minister held bilateral discussions with key international partners, including Teresa Ribera Rodriguez of the European Commission and Rebecca Grynspan, Secretary-General of UNCTAD, focusing on equitable economic transformation, trade impacts of Carbon Border Adjustment Mechanisms, and South-South cooperation.