Industry champions must invest heavily in labour-intensive sectors: Piyush Goyal

India will play a larger role in the revival of international economies, according to Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs He also called upon industry champions to invest heavily in labour-intensive sectors which would create millions of jobs in textiles, plastics, footwear, auto components, and food processing sectors.

Goyal also expressed hope that the services exports may touch US$ 250 billion this fiscal. He further stated that India should aim to become a US$ 5 trillion economy by 2026 and should aspire to export merchandise and services worth a trillion dollars each by 2030.

The Minister added that India continues to draw outstanding FDI inflows and has become the second-largest manufacturer of mobile handsets and one of the largest manufacturers of automobiles; therefore, this operational model must be replicated in other areas as well. India is also at the forefront of technology and innovation as 10 startups have achieved unicorn status in the first two months of 2022.

India needs to focus on economies of scale, demographic dividend, and government and industry emphasis on quality & efficiency for Brand India to be a global success. He also encouraged the private sector to use the PM Gati Shakti National Master Plan (NMP) for multi-modal connectivity, as coordinated planning and execution of infrastructure projects will reduce logistics costs.

Goyal also provided a 3-point action plan for all the Industry Associations, which states that big companies must integrate MSMEs & ensure timely payments, domestic manufacturing must be supported, and the youth should aspire to get into manufacturing.