Leadership, trustworthiness helped India grow: Piyush Goyal

27 Jun 2022 , 10:29 AM

According to Union Minister for Commerce, Industry, and Textile Piyush Goyal, India’s economy has expanded as a result of its dependability, decisive leadership, and democratic system that encourages openness at all levels. 

Goyal said during an exclusive interaction meeting with members of CII on Saturday evening in association with the Department for Promotion of Industry and Internal Trade (DPIIT), the Government of India, and Invest India that the country, which is now a $3 trillion economy, has announced a stable policy framework and respected every investment made across sectors.

Participants at the meeting were from the ICT, light engineering, and textile industries. Goyal stated the establishment of the ONDC network (Open Network for Digital Commerce) has the ability to break down barriers by enabling and empowering customers to connect with sellers of their choice effortlessly. He said that DPIIT reforms are empowering Indian firms to promote global growth.

According to Goyal, current e-commerce platforms are constrictive and favour the items that the platform developers choose, but with ONDC, MSMEs and startups may take use of chances presented by digital technology in order to interact with their customers.

The Union minister added that suggestions on the significance of diversification and growth to advanced economies like Japan for textiles were a good move and that the ministry will support this effort.

He promised to address concerns raised about integrating numerous accreditations required for the pump industry in a matter of days and that all ideas made by sectoral representatives would be carefully evaluated and, where practical, addressed within a month.

According to a press release, some specific needs for industrial development were highlighted by Kamal Bali, Deputy Chairman of the CII Southern Region and Managing Director of Volvo Group (India) Pvt Ltd, Shankar Vanavarayar, and Prashanth and Arjun Prakash of the CII Coimbatore. These needs included increasing design capacity, creating high-value-added jobs, and high-value products, and enhancing innovation capacity for capturing international markets.

The numerous changes introduced by their respective ministries for the benefit of industry were discussed by Rajendra Ratnoo, Joint Secretary, Ministry of Commerce, and V K Singh, Special Secretary, Ministry of Textiles.