Invest in India story, MSME sector must be promoted: Goyal to industry

Union commerce & industry minister, Piyush Goyal, called upon industry to invest in the India story. Addressing the India Economic Conclave organised by the Bengal Chamber of Commerce and Industry, Goyal said, “As India is receiving unprecedented support across the world and the world is looking up to India to provide a solid alternative manufacturing base, we should take the initiative and with confidence invest in India."

Goyal’s comments come after Union Finance Minister, Nirmala Sitharaman, recently asked India Inc what is stopping them from investing. Goyal outlined areas where the industry could help accelerate India’s economic growth and recommended investment in newer cities like tier 2 and tier 3, which he believes would become the next big drivers for the Indian economy.

“Simultaneously, I would urge you to invest in emerging technologies, indigenisation, innovation and research and development,” the minister who joined virtually said.

The next 25 years, Goyal said, would be the brightest phase for the Indian economy. “With the collective effort of 130 crore Indians we can surely reach a $30 trillion GDP by 2047 when we celebrate 100 years of independence and script India’s growth story for the world.” The minister also said that the MSME sector must be promoted and called for increased interaction between the government and industry.

“I would urge you to extensively participate in our FTA negotiations for which we are regularly consulting with export promotion councils, sectoral industry associations and all concerned parties to help us improve our negotiations and get a good deal for all of you,” he said.

Source: Business Standard