PTIKolkata: Commerce and Industry Minister Piyush Goyal said on Saturday that India has the capability to become a global player in many sectors and needs to scale up its manufacturing activities. Speaking at a webinar organised by EXIM Bank, he said sectors which have potentials to become globally competitive are required to be identified.
"There is no need to segregate between products for exports and domestic sector. We require quality, good technology and scale, though some support may be needed at times," Goyal said.
Exports will definitely happen automatically if products are "good and competitively priced", the minister said, adding that the industries should not expect that subsidies will be the "only solution".
Speaking on the free trade agreements (FTAs), he said, "We have to foster such collaborations with the developed countries which have large markets, and not nations like Chile and Peru."
India can surely be part of the global supply chain and also a reliable partner, Goyal said, adding that "building capabilities, scale and good manufacturing practices are the need of the hour".
EXIM Bank Managing Director David Rasquinha said India's manufacturing and export sectors have to become globally competitive.
"Despite the growing private consumption demand, India's gross value added (GVA) has decreased. EXIM Bank has commissioned a study on the policy constraints faced by some sectors like textiles, apparel, automobile, electronics and pharmaceuticals," he added.
"There is no need to segregate between products for exports and domestic sector. We require quality, good technology and scale, though some support may be needed at times," Goyal said.
Exports will definitely happen automatically if products are "good and competitively priced", the minister said, adding that the industries should not expect that subsidies will be the "only solution".
Speaking on the free trade agreements (FTAs), he said, "We have to foster such collaborations with the developed countries which have large markets, and not nations like Chile and Peru."
India can surely be part of the global supply chain and also a reliable partner, Goyal said, adding that "building capabilities, scale and good manufacturing practices are the need of the hour".
EXIM Bank Managing Director David Rasquinha said India's manufacturing and export sectors have to become globally competitive.
"Despite the growing private consumption demand, India's gross value added (GVA) has decreased. EXIM Bank has commissioned a study on the policy constraints faced by some sectors like textiles, apparel, automobile, electronics and pharmaceuticals," he added.
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4 Comments on this Story
 | Joji Cherian5 minutes ago India has capability to be global player in many sectors Yes Modi's India can be major players in many sectors. Bigotry,intolerance, hatred and then what we watch. On daily basis |
 | Anil Kulkarni21 minutes ago Mr. Goyal is right in saying that to be counted as a major force in any single industry / product or service, the most important factors are quality of international standard, large scale and which caters to not just local demand and use of best technology / practices in manufacture and management. However, over the last several decades, the central govt has been only pushing and promoting MSMEs and giving them incentives such that none of these medium industries wish to grow and give up the benefits given to MSMEs. Central govt has to firstly themselves identify, in consultation with Industry bodies, products or areas where India must have very large modern companies having scale and technology to compete in the world market. Next, it must find out or define how such companies could be set up and who would qualify for such large scale investments. It has taken two decades or more for a handful of companies to reach a large scale ( Hero Moto, Bajaj, Reliance, Infosys and TCS). No PSU has reached a scale to be counted as a force in international market (IOC). Why Hindalco, HUL and Maruti do not count as major exporters? Why no company in the textile sector has grown large although India produces so much cotton, has a huge local market as well as manpower for manufacturing!! Mr. Goyal and his departments have a lot of work to do in their back-offices to find most of these answers and then define a clear cut roadmap. Will CCI allow companies to grow large like LG and SAMSUNG? |
| M1 hour ago Piyush Goel talks all the things that are ideal. Yet, when it comes to supporting industries, he and his office don't address queries. For any industry to survive in India, government support is key in every respect. Speeches are not enough. |