Investors urged to use $26bn PLI Scheme for nurturing manufacturing champions for global markets
Commerce and Industry Minister Piyush Goyal has invited the Indo-Pacific business community to actively take part in efforts for bolstering development, trade and growth in the region and be part of India’s growth story.
Delivering the keynote address at the CII’s Special Plenary with the Trade Ministers in the Indo-Pacific region on the subject ‘Developing a Road Map for Shared Prosperity’, he said, “India’s track record should give confidence to our friends that it will be their natural and most reliable ally in years to come.”
“When we talk of shared prosperity, we must remember that shared prosperity is impossible without shared commitment.”
It is a commitment which entails sharing challenges as well as opportunities and risks as well as rewards, said Goyal at the plenary on 7 July 2021.
“Amidst all the suffering caused by the pandemic, there is a silver lining – a growing spirit of brotherhood among nations to help each other,” he noted. “This spirit of brotherhood, more than anything else, has laid a robust foundation on which we have a chance to build promising partnerships.”
Describing Indo-Pacific region as the new economic centre of gravity of the globalised world, Goyal said that Prime Minister Narendra Modi, in 2015, had articulated his vision for the Indo-Pacific in one word ‘SAGAR’ — Security And Growth of All in the Region. It must serve as the guiding principle for all nations in this region, as a secure and stable Indo-Pacific region equals peace and prosperity for all.
When the world looks at resilient supply chains, it looks east to Indo-Pacific region, he pointed out.
The Minister assured that as the world moves to realign from over concentrated and risky supply chains, they can trust India to provide a multitude of investment & manufacturing opportunities. India endorses the concept of working towards ensuring a transparent, trustworthy, dependable and reliable supply chain.
Mentioning about the Supply Chain Resilience Initiative launched in September 2020 as a firm step towards building resilient supply chains, he said that other friendly countries may also be included in it.
Goyal highlighted that the abundance of trade agreements in Indo-Pacific has led to a decline in tariff rates over time. He, however, added that Non-Tariff Measures act as a major trade barrier in the region, reminding that trade facilitation can ease cross-border movement of goods.
Underlining India’ strengths, Goyal pointed out that even during the initial months of the pandemic, when the country was in lockdown, no supply chain was allowed to be disrupted. It was ensured that the country met all its international service commitments in IT sector.
“Our track record should give confidence to our friends that India will be their natural and most reliable ally in years to come.”
Goyal said that the country today stands at a critical juncture where it is looking to forge its own destiny and of its 130 billion people, explaining that Aatmnirbhar Bharatis (self-reliant) is not about looking inward, rather it is about engaging with the world with a spirit of competitiveness and from a position of strength.
The Minister also highlighted that the PLI Schemes worth US$26 billion covering 13 sectors have been announced to create and nurture global manufacturing champions and invited Indo-Pacific companies to utilize these incentives.
“We are about to launch a single window clearance system,” he informed the session.
“We can expand our export-import collaboration in areas of Clean Tech, Tourism, Logistics, Sustainable Agriculture, Startups, Healthcare, education & Life sciences,” said Goyal, inviting companies to set their manufacturing base and expedite our integration into each other’s supply chains. #investment #manufacturing #exports #trade #technology /fiinews.com
