Business News | India Must Emerge as Globally Recognised Manufacturing Nation: Piyush Goyal
Get latest articles and stories on Business at LatestLY. Union Commerce and Industry Minister Piyush Goyal has called for greater collaboration between industry, academia and the government to drive innovation and industrial transformation, saying India must aim to become a “globally recognised manufacturing nation,” as per a statement by the Ministry of Commerce & Industry.
New Delhi [India], October 29 (ANI): Union Commerce and Industry Minister Piyush Goyal has called for stronger collaboration among industry, academia and the government to foster innovation and accelerate industrial transformation, emphasising that India must strive to emerge as a “globally recognised manufacturing nation.”
Addressing the Fourth National Conference on India's Industrial Transformation, organised by ISID and IDRA, Goyal identified quality, global market access, economies of scale and inclusivity as four key factors for accelerating India's industrial growth, it noted.
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The Minister reiterated Prime Minister Narendra Modi's vision of “Zero Defect, Zero Effect” and urged Indian manufacturers to leverage preferential market access under free trade agreements to expand exports and strengthen their global presence.
“The scale of India’s domestic market of 1.4 billion people, combined with access to international markets, could enable manufacturers to achieve affordability and competitive production costs,” he said.
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On India's trade policy, Goyal said the country's trade agreements “were not limited to reducing tariffs, framing rules of origin or securing market access,” but aimed to build comprehensive partnerships that leverage India's competitive strengths, boost exports, safeguard sensitive sectors and facilitate access to advanced technologies, including graphics processing units (GPUs), memory technology, medical technology and other products essential for India's development.
“India’s trade negotiations also encompassed services, investments, education, skill development, technology partnerships and cooperation towards climate goals and countries’ intended nationally determined contributions,” he further added.
Referring to the India-US trade deal negotiations, Goyal said, “sensitive interests of farmers and other stakeholders have not been compromised and that India will be placed at a strong comparative advantage.”
Goyal further highlighted that the nine free trade and bilateral trade agreements concluded by the government had secured preferential market access to economies with a combined GDP of USD 60 trillion, compared with USD 10 trillion covered by agreements signed before 2014.
He said earlier agreements were largely with countries competing with India, while the government's current approach focused on building trade partnerships with economies that complement India's strengths.
As per Goyal, India would continue to be the world’s fastest-growing major economy for another 20 to 25 years on the back of “talent, skills and energy of its people.”
Highlighting government initiatives to support innovation and entrepreneurship, he said the first Startup Fund of Funds had been fully utilised, while a second fund was now in place.
He also referred to the Research, Development and Innovation Fund (RDIF), noting that these initiatives had helped strengthen India's startup ecosystem, making it the world's third-largest. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)