|
Himani Pande, DPIIT Additional Secretary on Saturday said the India-Brazil partnership is poised for a more ambitious and transformative phase, asserting that existing trade levels fall short of the relationship's strategic potential, according to a report by Brasil 247.
Speaking at the Brazil-India Business Forum in the national capital, Pande said recent high-level exchanges including Prime Minister Narendra Modi's visit to Brazil and Brazilian President Luiz Inacio Lula da Silva's visit to India have created fresh political momentum. She said the bilateral relationship is now prepared to move onto an expanded and transformative path. Pande noted that bilateral trade currently stands at around USD 15 billion, describing the figure as significantly below potential. She added that the previously set 2030 trade target of about USD 20 billion is too modest and called for a stronger push to achieve more ambitious goals. Addressing trade barriers, the minister acknowledged that restrictions and regulatory hurdles on both sides have sometimes constrained growth in commerce and investment. She stressed the need for deeper coordination and a more strategic approach to unlock greater economic engagement, adding that the recent state visits provide the necessary impetus to pursue bolder objectives. Pande outlined five pillars of immediate strategic importance identified through leaders' discussions: defence and security, food and nutritional security, energy transition and climate action, digital transformation and emerging technologies, and industrial partnerships. She said these priority areas reflect shared interests and offer a structured roadmap for sustained collaboration. Highlighting India's economic performance, Pande said the country recorded approximately 7.8 per cent GDP growth, surpassing expectations and improving upon the previous year's 6.5 per cent expansion. She attributed the growth to strong services performance, industrial revival supported by production-linked incentive (PLI) schemes, and enhanced infrastructure spending, noting capital expenditure of around USD 120 billion for 2024-25. She also pointed to advances in digital infrastructure and regulatory predictability aimed at facilitating business. Turning to Brazil's strengths, Pande referred to its vast natural resource base, including ethanol production and the Amazon region. She emphasised Brazil's leadership in critical minerals such as niobium, lithium and iron ore, linking these to global energy transition and technology supply chains. She also identified aerospace, automotive and digital technologies as areas of synergy that could position both nations as key partners in global value chains. Beyond trade, Pande said the partnership is rooted in shared democratic values, cultural ties and commitment to inclusive development. She also highlighted cooperation in intellectual property and referenced Ambassador Antonio Patriota's role in advancing a treaty at the World Intellectual Property Organization on genetic resources and traditional knowledge. Concluding her remarks, Pande expressed confidence in building a strong and enduring India-Brazil partnership. (ANI)
|
