Rs.200 lakh crore manufacturing to be added in 10 years
Areas with competitive and comparative advantages will be identified and Rs.200 lakh crore of manufacturing over the next 10 years added, upgrading the industries to be international players and contribute to global trade in a bigger way, Commerce and Industry Piyush Goyal said.
“We will identify areas where we have competitive and comparative advantages, where we can become global players and contribute to global trade in a bigger way,” he told delegates at the FICCI’s annual convention and 93rd Annual General Meeting on 12 Dec 2020.
“We have identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs.200 lakh crores worth of manufacturing in India in the next 10 years,” said Goyal.
He listed the tyre and rubber industry ecosystem can become a great business leader in the years to come. “We will be encouraging rubber plantation through the support of private investment and Government will give adequate support to tyre industry so that it can grow and flourish,” he said.
Describing Startups as the backbone of new India, Goyal said that Startups and the ecosystem of Startups are encouraging innovation and promoting and strengthening new and young entrepreneurs.
He urged the Indian industry to support the startups, by providing them financial support, handholding, opportunities and mentorship so that they can grow, without resorting to dilution of their stakes to foreign companies at very low valuations at the initial stage itself.
Talking about reducing the compliance burdens, Shri Goyal said that we are working hard to create the first genuine Single Window System in terms of compliances, ease of approval process.
“We intend to come up with a much easier process to meet with compliances, while simultaneously working across ministries to see if we can reduce the burden of compliances,” he said.
Highlighting the proposed Brand India initiative, the Minister said that it is an idea where Government and Industry will partner with each other and develop both on the Make in India side and overall Brand India side.
“We are also looking at branding India. It is time now that India demonstrates to the world our leadership position and commitment to quality. Once a product is branded an Indian brand, it should demonstrate to the world that it is of superior quality,” he said.
“Under the Brand India initiative, we will educate consumers both in India and internationally about products which are made in India. We are pushing all industry to certify the Make in India products,” stressed the Minister. #manufacturing #investment #startup #technology /fiinews.com
