Piyush Goyal India Us Trade Deal Negotiations No Deadline Chinese Investment

negotiate with a deadline in mind." "Any deadline to try and conclude may not get the best deal. For me, the focus is on getting the best deal with significant economic opportunities for Indians," Goyal said at the Financial Express Best Banks Awards in Mumbai. Earlier this week, Piyush Goyal had said that India and the US will sign the "first tranche" of the bilateral trade deal by mid-July. 'Expanding preferential trade discussions' The minister said India was also expanding preferential trade discussions with countries across South America, Africa, Europe, Asia and Australia as it seeks to widen market access for Indian exporters. The minister also said India remained open to foreign investments, including from China, subject to aligning with national interest. "There is no problem with Chinese investment in India in relevant sectors, but we will always protect Indian interests," Goyal said. On the broader economy, Goyal said India remained well-positioned to deal with external shocks because of its foreign exchange reserves and remittance inflows. He said remittances stood at about $137 billion annually, adding that "remittance inflows from Indians living and working abroad are more than sufficient to cover the country’s trade deficit." 'India has 10 months of import cover, well above IMF benchmarks' Goyal said India had an import cover of around 10 months despite higher crude oil prices and increased gold imports. He added that the country's digital payments infrastructure, growing scale of manufacturing and increasing focus on quality would support future growth. "India growth story is safe; economies of scale is in India, quality consciousness growing and digital payment infrastructure is a gamechanger," he said. Looking ahead, Goyal said India aims to become a $30 trillion economy by 2047, with exports reaching $6 trillion.