More sectors to be covered under PLI scheme soon, says Piyush Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal on Thursday said that India will have to face global competition effectively to achieve the goal of becoming a prosperous and developed nation.

He was speaking at the CII Global Economic Policy Summit in New Delhi on Thursday.

Speaking on the way forward for the Indian economy and the steps being taken to realize the vision of Prime Minister Narendra Modi to make India a developed nation in Amrit Kaal, the Union Minister remarked that the pandemic alerted us about our dependence on supply chains, particularly from geographies that are not friendly or transparent.

“It opened our eyes on a number of risk factors in our trading system, our manufacturing and technology gaps that existed in India, he said. This insight has helped us to move forward on the path to Atmanirbhar Bharat,” he said, adding that India will have to engage much more with the global economy if we want to develop fast.

“To achieve the goal of Atmanirbhar Bharat, we have to engage much more, not less, with the world, he said. We are not looking for closing our doors – but we are looking to opening our doors wider to global competition and it is the only way that the country will innovate and grow,” said Goyal.

The Union Minister gave the example of the automobile sector that saw stagnation due to a long period of protectionism to the domestic industry.

“When we are planning for our journey for the next 25 years, we are looking at inclusive growth, democratized growth, so that no man or no family is left behind,” Goyal said adding that for us Sustainable Development Goals are not a target to be achieved by 2030, we wish to provide those goals much faster.

Goyal said that Prime Minister Modi recognizes that it is important to focus on bringing prosperity to the people, providing good governance, ensuring sustainable and modern infrastructure and using the talent of the youth that is unlocked through the National Education Policy.

“Our work in the last eight years has been to help build domestic strength, he said, adding that we cannot open our economy without first ensuring that it has the ability to face global competition,” he said.

Speaking on the Production Linked Incentive (PLI) scheme, Goyal said that it is designed to support the industry where it is needed in the initial years.

“Government plays a role of handholding support system through this scheme,” he pointed out.

“PLI gives the kickstart, but then the industry has to move on its own strength, he said.

The Minister informed that all the decisions linked to this scheme are taken by a committee that comprises all stakeholders from the industry itself.

“They are working on more ideas for PLI schemes, some of which are on the way. This is one scheme that has found traction and acceptance across the country and good investments coming in,” Goyal said.

Goyal said that the government is trying to rejuvenate the textile and cotton sector and is working actively to revitalize this industry, from farmers to exports – as PM articulated – from farms to fiber to fabrics to fashion to foreign.

“Similarly, National Technical Textile Mission is working to promote innovation and production, he said. We have over 200 projects where academia, industry and government is working in tandem, he informed the gathering,” he said.

“I invite you to come up with more ideas in this area and we are happy to support all research in this area,” Goyal said.

Assuring the industry of all support, Goyal said that in the FTA negotiations the amount of stakeholder consultations this government has done has helped it take correct decisions.

“It helped us to decide to walk out of RCEP,” Goyal said, adding that walking out of that the negotiation was in the national interest.

He pointed out that on 29th December, India-Australia FTA comes into effect. There is not even a single negative comment on UAE and Australia FTA because of the extensive consultations with stakeholders, he said.

Explaining the priorities of the government, Goyal said that we have taken proactive measures to control inflation and have calibrated our export duties and import policies accordingly.

He said that the government has stopped exports of items which were needed to ensure domestic supply. “You can see the result in the latest inflation numbers and I am confident that we will soon fall into the comfortable band,” he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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