New Industrial Parks & Mega Textiles Parks On Anvil To Boost Economic Growth: Piyush Goyal

New Delhi, Jul 31 (KNN) In a significant move to boost India's industrial sector, Minister of Commerce and Industry Piyush Goyal announced on Tuesday the government's plans to establish 12 new industrial parks across the country, along with 5-6 mega textile parks.

Speaking at a conference organised by the Confederation of Indian Industry (CII), Goyal urged the private sector to capitalise on these initiatives.

The minister highlighted the government's commitment to reducing compliance burdens and decriminalising business-facing laws. He called upon industry leaders to assist in identifying policies and compliance issues that hinder business operations.

Reflecting on the government's achievements over the past decade, Goyal pointed to several key economic indicators. He noted the doubling of GDP and more than doubling of Foreign Exchange Reserves.

Additionally, he highlighted a significant reduction in the current account deficit. These improvements, according to Goyal, demonstrate the transformative impact of effective governance on the Indian economy.

The minister also noted growing international interest in forming Free Trade Agreements (FTAs) with India, signalling the country's rising global economic prominence.

Looking ahead, Goyal projected that India's economy could reach USD 35 trillion by 2047, driven by its young and aspirational population.

Goyal outlined several principles guiding the government's approach. These include minimum government - maximum governance, skill development, speed and scalability, transparency, and digitisation.

He emphasised the government's focus on monitoring, prioritising issues, and ensuring timely, cost-effective project execution.

In a related address, Jayant Chaudhary, Minister of State for Skill Development and Entrepreneurship and Education, praised the recent Union Budget for its forward-looking approach.

He stressed the importance of creating an ecosystem that makes skills aspirational for India's youth and highlighted the government's efforts to facilitate this transition.

Chaudhary acknowledged the challenges in transitioning to a knowledge economy but expressed optimism about India's progress, citing key drivers in place to support this shift.

As India continues its economic ascent, these initiatives in industrial and textile sectors, coupled with a focus on skill development and entrepreneurship, are poised to play a crucial role in shaping the country's economic future.

(KNN Bureau)