Aatmanirbhar Bharat aims to link Indian Industry with Global Value Chains: Union Minister Piyush Goyal

Bombay, July 18 (KNN) Union Minister of Commerce and Industry Piyush Goyal said that the goal of ‘Aatmanirbhar Bharat’ is not about closing doors but opening India to the world for greater international trade and making it a part of global value chains.

Addressing the 187th Annual General Meeting of Bombay Chamber of Commerce and Industry today, the minister appreciated the role of Indian industries and stakeholders in making India a major player in the world economy and a part of resilient supply chains amongst trusted partners.

He said that India’s competitive and comparative advantages have to be leveraged for integration with the world economy and this is being focussed upon in the ongoing negotiations for Free Trade Agreements, reported SME street.

The Minister noted the measures undertaken to attract investment and improve Ease of Doing Business like the Production Linked Incentive schemes, focus on R&D and innovation, effort to decriminalize corporate offences, reduce compliances, focus on logistics, last-mile connectivity, etc.

Goyal urged the industry to take advantage of the edge that India has in economies of scale, demographic dividend, government-industry partnership, focus on quality and efficiency, sustainability and innovation.

He said that the Government is focussing on 4L- Land, labour, Liquidity & Laws and Five pillars- Economy, Infrastructure, System, Vibrant Demography & Demand for making India a developed country.

Goyal added that the last two years have witnessed record exports but now the world is moving towards recession, developed economies are under stress, commodity prices are softening, discretionary spending is lukewarm and demand is reducing.

The union minister said that it is incumbent upon all of us to work together and make ‘India story’ a compelling story for the world.  (KNN Bureau)