G20 trade ministers have discussed preventing large production capacities, created with government support in some geographies, from hurting manufacturing in countries that follow fair trade practices, including India, the US and Europe, Commerce and Industry Minister Piyush Goyal has said.
Replying to questions from the Indian diaspora in Chicago about the G20 trade ministers meeting, which concluded late evening on Friday in Milwaukee.
Goyal said the members also discussed the future of several elements of the World Trade Organisation (WTO), which is currently under severe stress, including the fact that many countries are using predatory pricing as they have overcapacity, and are dumping goods, much to the detriment of honest and fair trade.
Goyal argued that certain geographies with very large production capacities, created at different points in time with government support, should not be allowed to hurt manufacturing in countries where fair trade and honest business practices are carried out, such as the United States or Europe or India.
He said that difference of opinion prevented the release of an outcome document even though it was a fruitful set of conversations at the meetings.
Minister also stressed on India being the most preferred destination to set up data centres, citing low-cost infrastructure and energy, a large pool of young talent and tax-free benefits until 2047.
India has received nearly USD 200 billion of commitments for investments in data centres, and appealed countries to take advantage of India's low cost infrastructure.
Goyal said that at present 60 per cent of the installed capacity of 520 gigawatts is clean energy (solar, wind, hydro, nuclear) in India.
He added that creating data centre infrastructure in India will not cost more than one-fifth or one-fourth of what it'll cost in America or Europe.
"And finally, and most importantly, the talent, the youth, 14 lakh, 1.4 million STEM (science, technology, engineering and maths) graduates come out of colleges," he said.
On a question about ease of doing business and lower-level corruption in India, the minister said, "I am glad that you have raised these issues because these are genuine problems that many times investors face in India".