Government made structural changes in economy to promote manufacturing in India – Piyush Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today said ‘Scale’ and ‘Speed’ will make a difference to India’s growth story. Quoting PM Shri Narendra Modi, Minister highlighted the scale at which India offers opportunity and the speed with which India is adopting technology and integrating with a global economy.

He was addressing Consumer Electronics and Appliances Manufacturers Association (CEAMA) 43rd Annual Function ACE Dialogues 2022 in New Delhi today.

The Minister congratulated the Award winners and appreciated the Industry for their passion and commitment to contribute to India’s growth story, and taking it towards the path of self-reliant and self confident Economy. He particularly lauded the LED manufacturers for their contribution in India’s LED success. He said that the entire nation adopted LED, and highlighted that India was able to roll out LED bulbs to the length and breadth of the country in just four years.

Addressing the gathering he said India with 1.4 billion people today provides the largest market opportunity available anywhere in the world. This is the calling card, Shri Goyal said, because of which world wants to engage with India today. They recognise that India offers a huge opportunity in terms of market.

Shri Goyal highlighted that developed countries of the world are now keen to do free trade agreements or comprehensive economic partnerships with India. India’s vibrant startup ecosystem and innovation is attracting the world to come and set up operations in India. Shri Goyal informed that FTA negotiations are underway with UK, Canada, EU, Israel and one more important FTA will be launched next week (With GCC). He complimented industry for their bold leadership on negotiating on an equal basis while dealing with the developed nations. This shows the courage of conviction of Industry in their ability to compete with the best, he added.

Shri Goyal said the government’s focus has been to promote manufacturing in India. He added that the Government has made significant structural changes to the Indian economy and cited ease of doing business, improvement in Global Innovation Index rankings, success of schemes like production linked incentive scheme. Shri Goyal said remarkable growth in the mobile industry from two manufacturers to nearly 200 manufacturers is a living example of the success.

Shri Goyal said India taking over the presidency of the G 20 is a matter of pride for us. Shri Goyal said India is a ‘SMART’ country. Elaborating on it, he said ‘S’ stands for sustainability. Sustainability should be the hallmark of the consumer electronics industry.

‘M’ stands for India’s manufacturing capabilities, can we manufacture high quality products, Can we become recognized globally, can we adopt and Implement world quality standards, he added.

‘A’ stands for Atmanirbhar Bharat. We must encourage the component ecosystem in India to become an atma nirbhar consumer electronics manufacturing base.

‘R’ stands for Rating. He asked the industry to consider having quality ratings with the Made in India label on self regulation principles. He asked to encourage people to adopt modern standards and buy high quality goods.

‘T’ stands for technology. It will determine the success of our industry. We must look at new emerging trends and pick up the contemporary trends at early stages.

Shri Goyal concluded by saying that the industry will truly become the flag bearers of new prosperous India, which will provide job opportunities to every single child born in India, and produce world class products in India.