Will Piyush Goyal Establish a Swiss Enclave in India for Swiss Firms?

Berne, June 10 (NationPress) In a significant move towards collaboration, Commerce and Industry Minister Piyush Goyal proposed the establishment of a dedicated Swiss Enclave in India—a special zone designed for Swiss enterprises to feel at home while setting up operations in India.

While addressing Swiss industry leaders and innovators at the esteemed Swissmem Industry Day in Switzerland, Goyal extended a heartfelt invitation to the Swiss business community to actively participate in India’s ambitious journey to becoming a $30-35 trillion economy by 2047.

Goyal emphasized India's remarkable transformation and vast potential for collaboration, stating: "I arrive here with the dreams of 1.4 billion Indians who aspire as high as your majestic Alps and wish for a brighter future. I come bearing a hand of friendship to the skilled engineers, innovators, and entrepreneurs of Switzerland."

The Minister highlighted India’s impressive growth trajectory from a $270 billion economy three decades ago to its current $4 trillion status, with aspirations to reach $30–35 trillion as the country nears its centenary of independence. He noted the youthful demographic of India, with an average age of 28.4 years, asserting that the nation will remain dynamic for years to come.

Goyal pointed out the benefits of India as a trustworthy, rule-of-law-based, democratic nation where Swiss businesses can thrive without fear of discrimination. "Democracy, a demographic dividend, decisive leadership, and diversity render India a reliable partner," he remarked.

Referring to the India-EFTA Trade and Economic Partnership Agreement (TEPA), he labeled it a Trust and Efficiency Partnership—a relationship founded on mutual trust and complementarity. He expressed hope that this partnership would herald a new era of collaboration between India and the four EFTA nations, paving the way for enhanced trade, investment, and innovation.

"I especially invite Switzerland's SME sector to explore India’s remarkable transformation over the last decade. This will instill the confidence we seek," stated the Minister.

Goyal emphasized that in the past decade, India has introduced 80 new airports, including one in collaboration with Zurich Airport. "Our port capacity has doubled, and our national highways now rival those in Germany. We’ve added 104 new inland waterways and doubled our power generation capacity, with solar energy expanding 50 times. The government's annual investment of over $125 billion on infrastructure generates a significant multiplier effect for India's growth narrative," he stated.

Goyal also noted that India produces the highest number of STEM graduates globally, with 43 percent being women. "This talent pool, combined with scale and speed, positions India as an attractive investment destination," he emphasized.

Citing World Bank data, Goyal highlighted that extreme poverty in India has plummeted to just 5 percent, with 270 million people lifted out of poverty in the last eleven years, anticipating its eradication in the near future. He described India's growth model as a fusion of welfare and consumption-led growth, supported by investments in manufacturing and technology. "India today is prepared and eager to welcome global partners. We are a nation in motion, brimming with opportunities," he concluded.