Piyush Goyal calls upon the captains of Indian Industry to set ambitious targets as our economy is poised for a sustained spell of rapid growth

New Delhi : Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal today called upon the captains of Indian Industry to set ambitious targets as our economy is poised for a sustained spell of rapid growth. Addressing the 5th Meeting of the CII National Council in New Delhi, he said the Industry has a huge role to play in the uplift of the poor and underprivileged.

Shri Goyal encouraged the Industry to have a greater appetite for taking risks, to invest in Industries that may be less profitable at the start, but are labour oriented and create lakhs of jobs. He also urged the Industry to promote tribal handicraft products as part of their CSR activities.

Goyal said there is big scope in the expansion of labour intensive Plastics, Footwear and Textiles industry. India cannot be truly Aatmanirbhar, without empowering its poor to be Aatmanirbhar, he added.

Goyal conveyed his appreciation for the Industry’s positive approach in FTA consultations. “Right now we are engaged in FTA negotiations with 6/7 countries,” he said. Citing India’s foreign trade as “very, very comfortable”and seeking accommodation in trade deals, Shri Goyal said, “On our part, I believe, that it’s time that we engaged more with the world, we look at deeper engagement, – both imports and exports.” “If we (don’t) open our autos or spirits sectors, for example, it will open greater opportunities for India than the other way round,” he added.

Observing that 2020 has been a year of resilience for the Indian economy, Shri Goyal said that in these unprecedented times India has emerged as the ‘World’s Trusted Partner’ and is poised to contribute significantly to global growth. Policies of the Government in the last more than seven years, under the able leadership of the Prime Minister Shri Narendra Modi, have laid a solid foundation for growth of the Indian economy, he said.

Stating that all economic indices hinted at a fast growth trajectory,  Goyal said India has Cost advantage as well as Trust advantage. “Services is growing at a fantastic pace, exports also are, of course on Merchandise,… Similarly remittances continue to be strong, FDI is at never before levels for the 7th time in a row, but this year the growth would be even much more, the capital markets are buzzing which means FII investments also and the IPO market is also gaining a lot of traction,” he said.

Goyal said the way we have fast bounced back since Covid, the way Industry geared itself up, Services sector, for example, reoriented their processes, Government supported Industry adopt WFH, we met all our international commitments throughout the Covid period including the lockdown. “Not for a second did any international supply chain, dependent on India, had to suffer, particularly the Services sector and for that matter even in the Goods sector,” he said.

Stressing that India is going through a sharp and strong revivalthe Minister said that rising economic indicators point towards India is shaping up for a growth decade.

Apna time aa gya (Our time has come)! This is the time to be in India & invest in India”, Shri Goyal said, adding “If we fail our Young Generation, it will be truly a sad day for India. We are at the cusp (of history). It’s our time to grab now, we’ll probably regret if we miss this opportunity.”

Goyal said that the Government is doing its part by undertaking transformational reforms such as PLI, PM Gati Shakti, ODOP, Single Window, Retrospective tax amendment, National Asset Monetisation Pipeline, etc and opening up sectors like Defence, Space & Atomic Energy, Mining & Minerals, etc.

The Minister urged the top 100 CII members, that could comprise 1,000 companies, to onboard the NSWS Single Window clearance system and make full use of IILB Land Bank System. Resolving to use Indian materials to make a truly Aatmanirbhar Bharat, he said this will transform the future of India by making it self-reliant, resilient & competitive and will create jobs.

Shri Goyal said the Government has initiated several schemes for the benefit of the Industry and the public in general, including Power sector, One Nation, One Ration Card, world’s largest health insurance programme, – Ayushman Bharat, UPI payments transfer and Jan Dhan banking for each and every home. “Government has focussed on saturating schemes,” he said.

Expressing confidence on the continuous Public-Private Partnership, Goyal said the Government is always thinking of how to empower the Industry and urged the entrepreneurs to come up with new ideas in nation-building.