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Government reforms

"Focus on quality and productivity" : said by Piyush Goyal to industry bodies

By Ankita Samal --
Wednesday, 25 Nov, 2020

The meeting comes at a time when the government is undertaking reforms to boost domestic manufacturing under the Atmanirbhar Bharat initiative.

The Minister of Commerce and Industry- Mr. Piyush Goyal asked the industry to focus more on improving the quality of products and raising productivity. Chairing a virtual meeting with the senior representatives of various industry associations, he asked them to brainstorm on ways to becoming “high-quality, efficient manufacturer, trader and service-provider”.

The meeting comes at a time when the government is undertaking measures to boost domestic manufacturing under the Atmanirbhar Bharat initiative. The manufacturing industry contributes 16-17% over the past three decades in the country’s GDP.

A concerted push to step up local manufacturing of quality products will be made, mainly through two schemes — production-linked incentives (PLI) and phased manufacturing plans (PMP). These schemes will not only help to create extra capacities by luring large firms and cut imports but also improve exports substantially.

The Ministry of commerce and industry is undertaking a drive to harden a crackdown on sub-standard products by formulating standards for 371 key products, in the first phase. Of these, technical regulations for 150 products have already been firmed up. Imports of these 150 products were to the tune of $47 billion in Financial Year 2019. However, keeping the principle of free and fair trade and to ensure domestic consumers have access to quality products, both Indian manufacturers and foreign suppliers will have to conform to the same standard specifications.

Mr. Goyal said the economy is showing signs of a sustained recovery. The companies result in the September quarter show that profitability of most of them has gone up, indicating that Indian industry has “utilized the Covid period to do the belt-tightening, improve the product-mix, and focus on quality and productivity”.

"Focus on quality and productivity" : said by Piyush Goyal to industry bodies. The meeting comes at a time when the government is undertaking reforms to boost domestic manufacturing under the Atmanirbhar Bharat initiative.

The Minister of Commerce and Industry- Mr. Piyush Goyal asked the industry to focus more on improving the quality of products and raising productivity. Chairing a virtual meeting with the senior representatives of various industry associations, he asked them to brainstorm on ways to becoming “high-quality, efficient manufacturer, trader and service-provider”.

The meeting comes at a time when the government is undertaking measures to boost domestic manufacturing under the Atmanirbhar Bharat initiative. The manufacturing industry contributes 16-17% over the past three decades in the country’s GDP.

A concerted push to step up local manufacturing of quality products will be made, mainly through two schemes — production-linked incentives (PLI) and phased manufacturing plans (PMP). These schemes will not only help to create extra capacities by luring large firms and cut imports but also improve exports substantially.

The Ministry of commerce and industry is undertaking a drive to harden a crackdown on sub-standard products by formulating standards for 371 key products, in the first phase. Of these, technical regulations for 150 products have already been firmed up. Imports of these 150 products were to the tune of $47 billion in Financial Year 2019. However, keeping the principle of free and fair trade and to ensure domestic consumers have access to quality products, both Indian manufacturers and foreign suppliers will have to conform to the same standard specifications.

Mr. Goyal said the economy is showing signs of a sustained recovery. The companies result in the September quarter show that profitability of most of them has gone up, indicating that Indian industry has “utilized the Covid period to do the belt-tightening, improve the product-mix, and focus on quality and productivity”.