Indian Economy News

Commerce and Industry Minister Mr. Piyush Goyal Calls for Quality, Scale and Global Market Access to Drive India’s Industrial Transformation

Union Minister of Commerce and Industry Mr. Piyush Goyal has said that India’s industrial transformation must be driven by quality, economies of scale, global market access and inclusivity. Innovation, the minister noted, must emerge from collaboration among the government, the private sector and academia. Mr. Piyush Goyal was addressing the Fourth National Conference on India’s Industrial Transformation, organised by the Institute for Studies in Industrial Development (ISID) and IDRA. At the conference, Mr. Piyush Goyal identified quality as the most important priority, reiterating Prime Minister Mr. Narendra Modi’s emphasis on “Zero Defect, Zero Effect”. India’s trade agreements were described as comprehensive partnerships that cover services, investments, technology and skill development while protecting sensitive sectors.

The nine free trade and bilateral trade agreements concluded by the government have opened preferential market opportunities in economies with an aggregate gross domestic product (GDP) of Rs. 5,682.52 lakh crore (US$ 60 trillion). In comparison, agreements concluded before 2014 covered Rs. 947.09 lakh crore (US$ 10 trillion). The current agreements cover 38 developed and relatively prosperous countries, creating complementary trade opportunities. India’s space economy, valued at Rs. 79,555.24 crore (US$ 8.4 billion) has the potential to reach Rs. 4.17 lakh crore (US$ 44 billion) by 2033. The startup ecosystem has become the world’s third largest, supported by the Startup Fund of Funds and the Research, Development and Innovation Fund (RDIF). Mr. Piyush Goyal also highlighted that 60% of India’s installed electricity capacity comes from green and renewable sources. The address also expressed confidence that India would remain the world’s fastest-growing major economy for another 20 to 25 years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.