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Speed Post News Network

New Delhi : Union Commerce and Industry Minister Piyush Goyal on December 12, 2020, addressed FICCI’s annual convention & 93rd Annual General Meeting. Goyal said that the scale of manufacturing, coupled with quality and productivity, can truly make India competitive in several sectors and help move towards an Aatmanirbhar Bharat which is going to be an important building block of the New India. AatmanirbharBharat is about India improving its quality and scale of production, he stated.

Goyal said that the government will identify areas where we have competitive and comparative advantages, where we can become global players and contribute to global trade in a bigger way. “The tyre and rubber industry ecosystem can become a great business leader in the years to come. We will be encouraging rubber plantation through the support of private investment and the Government will give adequate support to tyre industry so that it can grow and flourish. We have identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs 200 lakh crore worth manufacturing in India in the next 10 years. This will certainly add lakhs of job opportunities and create scale & quality in different sectors,” Goyal said, according to a PIB release.

Describing Startups as the backbone of new India, Goyal said that Startups and the ecosystem of Startups are encouraging innovation and promoting and strengthening new & young entrepreneurs. He urged the Indian industry to support the startups by providing them financial support, handholding, opportunities and mentorship, so that they can grow without resorting to dilution of their stakes to foreign companies at very low valuations in the initial stage itself.

Talking about reducing the compliance burdens, Goyal said that we are working hard to create the first genuine Single Window System in terms of compliances, ease of approval process. “We intent to come up with a much easier process to meet with compliances, while simultaneously working across ministries to see if we can reduce the burden of compliances,” he added.

Speaking about the proposed Brand India initiative, Goyal said that it is an idea where Government and Industry will partner with each other and develop both on the Make in India side and overall Brand India side. He said, “we are also looking at branding India.  It’s time India demonstrate to the world our leadership position and commitment to quality. Once a product is branded an Indian brand, it should demonstrate to the world that it is of superior quality. Under the Brand India initiative, we will educate consumers both in India & abroad about products which are made in India. We are pushing all industry to certify the Make in India products.” He thanked FICCI for their support in the initiative to create Brand India.