New Delhi: Union Commerce and Industry Minister Piyush Goyal on Tuesday reinstated the government’s final decision to stay out of the Regional Comprehensive Economic Partnership (RCEP) trade deal. Further discussions will be held only after all the demands of the Indian government are met and the country’s trade deficit is balanced, added Piyush Goyal.

Facing opposition from various sectors including pharmaceutical, chemical and textiles, the Indian government has decided to opt-out of the trade deal, stated the union minister, as per a report by The Economic Times. Meanwhile, Goyal highlighted that the Indian services sector has a greater scope when it comes to generating employment opportunities and pushing the country’s economic growth. According to news agency PTI, Goyal said, “I do not think we have even reached the tip of the iceberg when it comes to getting the true benefits of this sector.”

He asked the ministry, state and industry body CII to deliberate upon policies that would enhance the growth of 12 champion sectors. These sectors, which were identified by the government include accounting, finance, media, entertainment, information technology, health, legal, transport and logistics, stated a report.”I have made a suggestion that in the next 15-20 days, if we can work out along with the states, some kind of policy or some kind of enablers which can help these various champion sectors grow and expand much faster and contribute in a much larger way,” Goyal was quoted by news agency PTI as saying.

Shutting down all the criticisms around the Statue of Unity built in Gujarat, the commerce minister predicted that this project would have huge potential to generate Rs 1 lakh crore (USD 15 billion) annual income over the next 4 to 5 years.