Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution, and Textiles, commended the contribution of Indian industries and stakeholders in establishing India as a significant participant in the global economy and resilient supply chains. Speaking at the 187th Annual General Meeting of the Bombay Chamber of Commerce and Industry, he emphasised that the objective of ‘Aatmanirbhar Bharat’ (Self-Reliant India) is not to isolate the country but rather to foster greater international trade and integration into global value chains.
India is now a part of resilient supply chains amongst trusted partners due to efforts of industry: Union Minister @PiyushGoyal
Read here: https://t.co/4NuwVK66u1
— PIB India (@PIB_India) July 18, 2023
Shri Goyal highlighted the importance of leveraging India’s competitive and comparative advantages to integrate with the global economy, which is a key focus in ongoing Free Trade Agreement negotiations. The Minister acknowledged the initiatives taken to attract investments and enhance the ease of doing business, such as the implementation of Production Linked Incentive schemes, emphasis on research and development (R&D) and innovation, decriminalisation of corporate offenses, reduction of compliance burdens, and improvements in logistics and last-mile connectivity.
Referring to a recent study, Shri Goyal mentioned that India has been identified as the top choice for investors by 85 Sovereign Wealth Funds and 57 Central Banks. He emphasised the need to capitalise on India’s advantages, including economies of scale, demographic dividend, government-industry partnership, focus on quality and efficiency, sustainability, and innovation. The government’s focus, according to Shri Goyal, is on the “4L” – Land, Labour, Liquidity, and Laws, as well as the “Five pillars” – Economy, Infrastructure, System, Vibrant Demography, and Demand, to propel India’s development towards becoming a developed country.
Shri Goyal highlighted that India is now recognised as an emerging superpower by the world. He expressed pride in the successful launch of Chandrayaan-3, emphasising that its successful landing on the Moon will position India as the fourth country to achieve this feat. The Minister also commended the participation of the private sector in space exploration, as it signifies the potential for rapid and substantial advancements in the future.
Shri Piyush Goyal emphasised the positive outcomes of Prime Minister Narendra Modi’s recent foreign visits to countries like the USA, Egypt, France, and the UAE, as they have contributed to India’s global positioning. The Minister highlighted the recognition bestowed upon the Prime Minister, such as the prestigious Grand Cross of the Legion of Honour, France’s highest accolade, which serves as evidence of the Prime Minister’s increasing stature and his representation of the 140 crore Indians on the global stage.
Shri Goyal referenced a quote from the Prime Minister, stating that just as the third decade of the last century brought momentum to India’s struggle for independence, the third decade of the new century will propel India’s development journey. The Minister attributed India’s global recognition to the government’s significant efforts in addressing the basic needs of every Indian, serving the underprivileged, promoting transparency, and working towards a corruption-free India.
The Minister highlighted the government’s commitment to ensuring welfare for all, irrespective of discrimination. Shri Goyal provided examples of various initiatives aimed at uplifting underprivileged sections of society, including the provision of housing to approximately 4 crore poor families, free food grains for 80 crore beneficiaries monthly, piped gas and water supply, Ayushman Bharat for free healthcare, installation of toilets in every household, and digital connectivity. These efforts, according to the Minister, aim to enhance the living standards of marginalised communities and empower them to aspire towards a better future.
Shri Goyal acknowledged that the past two years have seen remarkable growth in exports. However, he also recognised the current global economic challenges, including the possibility of a recession, stress on developed economies, softening commodity prices, lukewarm discretionary spending, and reduced demand. The Minister emphasised the collective responsibility of everyone to collaborate and present India’s narrative as a compelling story to the world in order to overcome these challenges.
The Minister expressed his appreciation for the theme of the Annual General Meeting (AGM), “What we are and what we want to be,” as it resonates with the aspirations of the country. Shri Goyal predicted that India in 2047 will surpass the India of 2023, highlighting the transformative nature of the previous decade, which witnessed remarkable achievements under the visionary leadership of the Prime Minister. He commended the commitment and dedication of India’s 140 crore citizens, who are wholeheartedly working towards the vision of a new, developed, and prosperous India by 2047.
(With inputs from PIB)
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