The Union Minister of Commerce and Industry, Mr. Piyush Goyal, urges industry to raise quality standards, appoint representatives

The Union Minister of Commerce and Industry, Mr. Piyush Goyal, emphasised the need to enhance quality standards in India, urging industries to engage with technical committees and appoint representatives to maintain these standards. Speaking at the Federation of Indian Chambers of Commerce and Industry's (Ficci) 97th Annual General Meeting, he stated that India should not only be a trusted partner but also a provider of quality goods, marking a pivotal step towards becoming a "Viksit Bharat" (Developed India). He also encouraged industry leaders to work closely with the government to reduce compliance burdens and decriminalise laws that negatively affect businesses, aiming to improve the ease of business. He further highlighted the US$ 11.85 billion (Rs. 1 lakh crore) allocated to the Anusandhan National Research Foundation (ANRF) to foster innovation and create a research-driven ecosystem in the country.

Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Mr. Amardeep Singh Bhatia, outlined the government's plan to facilitate the establishment of more industrial parks in Tier-II and Tier-III cities, with a framework expected by the end of the year. He noted that the Production-Linked Incentive (PLI) scheme, worth US$ 23.34 billion (Rs. 1.97 lakh crore), has already attracted US$ 17.30 billion (Rs. 1.46 lakh crore) in investments across 14 sectors, driving critical technology and boosting exports. Additionally, India’s relaxed foreign direct investment policy offers opportunities for collaboration, enabling businesses to access technology and markets. He also mentioned that the Startup India programme had registered 1.53 lakh startups, focusing on supporting deep tech ventures through long-term financing solutions and research funding announced in the Budget.

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