Piyush Goyal Proposes India-Mediterranean Tourism Group at Business Conclave
Union Minister of Commerce and Industry, Piyush Goyal, suggested the formation of a working group on tourism between India and Mediterranean nations. He made this proposal at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 held in New Delhi.
Potential for Cooperation
Goyal emphasized the significant potential for cooperation and mutual benefit between India and Mediterranean countries. He noted that India offers a large market for Mediterranean goods and services, given the historical connections between the regions.
Shipping and Port Development
The Union Minister highlighted the common interests in the shipping sector, including shipbuilding, ownership, the maritime sector, and the cruise business. He mentioned that India has doubled its port capacity in the last decade and aims to double it again in the next five years.
India-Middle East-Europe Economic Corridor (IMEC)
Goyal discussed the India-Middle East-Europe Economic Corridor (IMEC), launched during India’s G20 presidency. This initiative aims to integrate India, Europe, and the Middle East through countries like the UAE, Saudi Arabia, Jordan, Israel, and the European Union. He stressed that lower logistics costs, faster connectivity, and secure movement of goods depend on better cooperation in this area.
Economic Growth and Opportunities
The Minister also highlighted India’s economic growth, young demography, and efforts to promote ease of doing business through initiatives like the PLI scheme and FTAs. He noted that India is expected to become the third-largest economy in the coming years and emphasized opportunities in sectors like renewable energy, manufacturing, maritime, digitization, pharma, information technology, agriculture, and tourism.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an important person in the Indian government. He works as a Union Minister, which means he helps make big decisions for the country.
Mediterranean -: The Mediterranean is a region that includes countries around the Mediterranean Sea, like Italy, Greece, and Spain. It’s far from India but has many beautiful places to visit.
CII -: CII stands for Confederation of Indian Industry. It’s a group that helps businesses in India grow and succeed.
Business Conclave -: A Business Conclave is a big meeting where important people talk about business ideas and plans. It’s like a school assembly but for business people.
Shipping -: Shipping means moving goods from one place to another, usually by boat. It’s important for trade between countries.
Port Development -: Port development means building and improving places where ships can load and unload goods. Ports are like big parking lots for ships.
India-Middle East-Europe Economic Corridor (IMEC) -: IMEC is a plan to create a big trade route connecting India, the Middle East, and Europe. It will help countries trade goods more easily.
Ease of Doing Business -: Ease of doing business means how simple it is for companies to start and run their businesses. If it’s easy, more companies will want to work there.
Renewable Energy -: Renewable energy comes from natural sources like the sun, wind, and water. It’s better for the environment than using coal or oil.
