From Davos Union Minister Piyush Goyal asks Indian industry to procure locally to boost domestic supply chains

New Delhi, May 24 (KNN) Addressing the “Breakfast session Discussion on Trade 4.0” in Davos today, Union Minister for Commerce and Industry Piyush Goyal asked Indian industry to procure locally wherever there is an opportunity so that domestic supply chains are fortified and become more resilient.

This will reduce our tendency to place excessive dependence on international supply chains, he added.

He is on an official visit to Davos, Switzerland to attend the World Economic Forum (WEF) from 23-25 May, leading the Indian delegation.

Referring to the appreciation India’s has been receiving about its resilient economy, the Minister said that in spite of constraints like Covid 19, chip shortages, conflict, the Indian businesses had displayed great resilience, overshooting export targets and achieving USD 421.8 billion worth of exports.

Citing Prime Minister, Narendra Modi the Commerce Minister said that India amongst all these problems is an oasis which reflects transparency, offers trust and timeliness and added that the nation had responded to every crisis in a timely manner.

Expressing confidence in achieving the set target of USD 1 trillion worth of merchandise and services export each by 2030, he emphasised on team work and called it a shared vision.

He underscored that the world could look at India as a reliable alternative to the status quo and invited manufacturing, investment and technology to come to India.

The minister further urged Indian industry to look at boosting value added exports and ensure that new jobs came into India instead of raw materials going out of India.  (KNN Bureau)