Piyush Goyal demands reciprocal access for Indian companies abroad

Foreign cos won’t be allowed in local contracts unless India Inc gets to compete in those nations, said Goyal.

NEW DELHI: Commerce and industry minister Piyush Goyal said the government will stop other countries from participating in local contracts unless Indian firms are given a similar opportunity.

“Unless we get reciprocal access to those markets, the government has decided that we will stop giving them an opportunity to participate in contracts in India. That is a part of the policy of the Narendra Modi government,” Goyal said at an event organised by Exim Bank on Monday. “Today, it is in our policy that if our companies are not allowed to do business or opportunities emerging in any country, I can assure you that we will not allow them to participate here.”

This policy had been introduced two years ago and is “fair by all global standards”, he said.

Goyal said this had been a “major stumbling block” in the RCEP negotiations.

“I had not heard that China ever opens up any of their government contracts… They are never opened up for international competition in the garb of being public procurement,” Goyal said.

India opted out of the RCEP last month after negotiating the pact with 15 other Asia-Pacific countries for seven years. China is part of the grouping.

“Many other Asean countries, even Japan and Korea, the kind of conditionalities that are put, don’t allow too many of our Indian companies to participate in tenders in those countries,” he said.

The minister asked Exim Bank to study such conditions and give feedback so that the government can “stand up for your right to do business in those countries”.

If an Indian oil, coal or power company floats a contract, more often than not, the government allows international bidders to come in. He also said that India and its citizens want the rules of the game to change and corrupt practices to be eliminated.

“We would like to be recognised the world over as a country which focuses on ethical business practices and a country where every process is based on fair play,” he said.