Union Minister for Commerce and Industry, Mr. Piyush Goyal asks industry players to be bold, focus on turning competitive

On Thursday, Union Minister for Commerce and Industry, Mr. Piyush Goyal, urged industry players to adopt a bold approach and focus on competitiveness rather than relying on government support. Speaking at an IMC Chamber of Commerce event, he questioned the industry's dependence on subsidies, high import duties, and protectionist measures, stressing that such "crutches" cannot drive long-term growth. Citing Mr. Michael Porter's work on competitive advantage, he emphasised the need for innovation, improved manufacturing practices, and skill development to strengthen India's global position. He warned that without competitiveness, the aspirations of 140 crore Indians and the goal of becoming a developed nation would remain unfulfilled. While acknowledging exceptions in critical sectors like oil, defence, and food, he asserted that increasing global trade engagement is essential for economic progress.   

He also addressed India's ongoing quality challenges, particularly in the pharmaceutical sector, urging larger firms with global approvals to support smaller players in meeting ambitious standards. He encouraged the industry to adopt quality benchmarks rather than opposing them. He reflected on initiatives like Make in India and stated that these efforts have shaped a stronger national mindset, positioning India for a larger role in global trade. Commenting on the ongoing global trade negotiations, including the India-United Kingdom free trade agreement, he noted his demanding schedule and the complexities of the current global economic landscape. 

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