Indian Economy News

Mr. Piyush Goyal asks Service Sector to utilise the natural advantages and identify the areas of strength to become globally competitive

Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Mr. Piyush Goyal, praised the service sector for its strong export performance and urged all stakeholders to focus on the country's globally competitive advantages. He was speaking at the inaugural session of the SEPC's India@2047: Services Sector Exports Strategy 'Skilling And Internationalization Of Higher Education'.

Mr. Goyal emphasised the need for India to break free from the colonial attitude, as envisioned by Prime Minister Mr. Narendra Modi in his Independence Day speech, and said that if the country was to prosper, it needed to use its capabilities and work with confidence.

Using India's LED lighting revolution as an example, Mr. Goyal stated that the first step in ensuring the initiative's success was the withdrawal of subsidies. He went on to explain how the government exploited economies of scale to boost demand for LED bulbs, ultimately lowering prices and boosting quality significantly. Mr. Goyal urged the service sector to prioritise innovation and the development of competitive advantages. He stated that we must go beyond the traditional and adopt a more current, contemporary, and practical approach.

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