Private sector must invest to create jobs

Piyush Goyal, Union Minister of Commerce & Industry, asked industry stakeholders to give suggestions on issues related to free trade agreements (FTA), non-tariff barriers and market access. (Hindustan Times) — Piyush Goyal, Union Minister of Commerce & Industry, asked industry stakeholders to give suggestions on issues related to free trade agreements (FTA), non-tariff barriers and market access. **(Hindustan Times)**

1 min read . Updated: 21 Jan 2022, 10:42 PM IST Rituraj Baruah

The government looks forward to investments from the private sector in labour oriented sectors to create jobs, maybe plastics, footwear, textiles, leather, he said

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New Delhi: Commerce and industry minister Piyush Goyal has asked businesses to inculcate a greater risk-taking appetite. Addressing the virtual session of Merchants’ Chamber of Commerce & Industry (MCCI) on Friday, Goyal said he wants the private sector to invest in labour-oriented sectors to create jobs in industries such as plastics, footwear, textiles, leather.

The Indian industry must focus on the principles of quality and productivity and operate at a global scale, he said, “We’ve had a very successful experience on the PLI (production-linked incentive) front, particularly in mobile phone manufacturing, and we are hoping to replicate it other sectors like semiconductors, container manufacturing, and 14 sectors that now have PLI schemes," he said.

He asked businesses to give their input on free-trade agreements (FTA), non-tariff barriers, and market access.

The minister also asked businesses to suggest themes for India’s G20 Presidency in 2023. He added that the themes should resonate with India’s vision to become self-reliant.

“I would urge all of you to participate by giving ideas and suggestions proactively. It could be about free-trade agreements, about non-tariff barriers that you face in your efforts to expand exports. It could be market access issues that you face abroad," Goyal said.

Goyal said India no longer signs FTAs just to be a part of a group. “We are looking at reciprocal access, good market conditions and equitable and fair play in trade in goods and services," he said.

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“We are looking at FTAs with like-minded nations with values of democracy, transparency and mutual growth. However, FTAs are two-way traffic, and we need industry’s cooperation in maintaining fruitful bilateral relations," he said.

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