Indian Economy News

Mr. Piyush Goyal chairs a Chintan Shivir with industrialists on "Unleashing the power of India’s Manufacturing Industry"

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Mr. Piyush Goyal, presided over the "Chintan Shivir - Unleashing the power of India's Manufacturing Industry" at Bharat Mandapam, New Delhi. He highlighted the various reforms and programmes the government has implemented to support the manufacturing ecosystem and welcomed suggestions to help speed up the process of achieving economies of scale.

The event gathered industry leaders from the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI), Associated Chambers of Commerce and Industry of India (ASSOCHAM), Automotive Component Manufacturers Association of India (ACMA), and Society of Indian Automobile Manufacturers (SIAM), as well as knowledge partners BCG and McKinsey.

The event sparked insightful discussions on 12 manufacturing industry sectors (Textiles, Capital Goods, Auto and EV, Defence, Aerospace & Space, Metals & Mining, Leather and footwear, Energy, Food Processing, Chemicals, Medical Devices, ESDM Value Chains, Drones) on important issues like developing a manufacturing ecosystem, upholding quality standards, fostering domestic value addition, and government policies and support. These conversations established the groundwork for creative approaches, expanded commerce, integration with global supply chains, and enhanced financial support for the Indian manufacturing sector.

The presentations presented by each sector included a thorough industry snapshot that included information on the possibilities for exports as well as the industry's existing and future prospects. The lectures covered the ecosystem, policy environment, technical developments, and skill development programmes as key facilitators for accomplishing these goals. Furthermore, guests were given a full overview of the proposed collaboration plans between the government and the sector to move these efforts ahead.

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