Piyush Goyal urges Indian industry to cultivate risk-taking appetite

Goyal also holds the portfoilios of consumer affairs, food and public distribution and textiles.

“Industry associations, such as yours, can partner with all stakeholders including central and state governments, missions, EPCs [export promotion councils], and help attract businesses to India and strengthen [the] domestic industry. Let us all come together with one resolve i.e. to make India a global leader by taking up bigger and bolder challenges,” he was quoted as saying in an official release.

Goyal said the Indian industry must focus on quality and productivity and become a global operator.

He listed three expectations for the industry associations. First, the associations should proactively participate by giving ideas and suggestions on issues related to free trade agreements, market access, themes for India’s G20 presidency in 2023.

Second, they should highlight where India can reduce compliance burden and enhance ease of doing business. They should identify processes that the government can digitize, suggest areas where legal framework can be simplified and laws can be decriminalised.

Third, they should turn self-reliant in consolidating value chains and supply chains, Goyal said.

He assured release of funds under the Technology Upgradation Fund Scheme (TUFS) after due diligence and verification of pending claims.

Fibre2Fashion News Desk (DS)