India Has Capability To Be Global Player In Many Sectors: Goyal
- IBEF
- October 5, 2020
On Saturday, Minister of Commerce and Industry Piyush Goyal said India has the potential to become a global player in many sectors and needs to scale up its manufacturing activities.
Speaking at a webinar organised by EXIM Bank, he said that it was important to recognise sectors with the potential to become globally competitive.
Mr Goyal stated that there is no need to distinguish export goods and the domestic market. We need consistency, good technology and scale, although there may be some help required at times.
Exports would undoubtedly occur automatically if commodities are 'nice and competitively priced,' the minister said, adding that companies do not expect the 'only option' to be subsidies.
Mr Goyal, speaking about the Free Trade Agreements (FTAs), said,' We have to cultivate such alliances with large-scale developing countries, not nations such as Chile and Peru.' India can be part of the global supply chain and a trustworthy partner. He added, 'building capabilities, scale and good manufacturing practices are the need of the hour'.
Mr David Rasquinha, Managing Director of EXIM Bank, said India's manufacturing and export sectors must become competitive globally.
Despite the rising demand for private consumption, the gross value added (GVA) of India has decreased. A report on the policy constraints faced by some sectors such as textiles, clothing, automobiles, electronics and pharmaceuticals has been commissioned by EXIM Bank,' he added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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