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New Delhi: Union Minister of Commerce and Industry Piyush Goyal has called upon the industry to inculcate a greater appetite for risk taking.
Addressing the virtual session of Merchants’ Chamber of Commerce & Industry (MCCI) on Friday, he said the government looks forward for investments from the private sector in labour oriented sectors to create jobs, maybe plastics, footwear, textiles, leather.
“Industry associations, such as yours, can partner with all stakeholders including central and state governments, missions, EPCs, and help attract businesses to India and strengthen domestic industry," he said.
Goyal said the Indian industry must clearly focus on the principles of quality, productivity and become global scale operators so that we can benefit from the economies of scale.
“We’ve had a very successful experience on the PLI front particularly in mobile phone manufacturing, & we are hoping to replicate it other sectors like semiconductors, container manufacturing, etc. 14 sectors now have PLI schemes," he said.
He asked industry stakeholders to give suggestions on issues related to 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 proactively participate by giving ideas and suggestions. 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 told the industry participants.
He also outlined the steps taken by the improve the business and investment environment in the country ranging from liberalising of defence sector, transforming telecom sector, PLI schemes, reducing compliance burden, National Infrastructure Pipeline, PM Gati Shakti among others.
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.
“We are looking at FTAs with like-minded nations with values of democracy, transparency and mutual growth. However, FTAs are a two-way traffic, need industry’s cooperation in maintaining fruitful bilateral relations," he said.
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