Commerce Minister Piyush Goyal Urges Indian Firms to Strengthen Domestic Partnerships Amid Global Challenges

ENA Global 2024-08-30 17:46:28 New Delhi, Aug 30 (KNN) In a virtual address to industry leaders on Friday, Commerce and Industry Minister Piyush Goyal urged Indian companies to bolster domestic partnerships and procurement, emphasising the long-term benefits and increased resilience against global disruptions. Goyal, speaking against the backdrop of recent global challenges, including two wars, the Red Sea crisis, and ongoing health concerns, stressed the importance of creating a robust domestic ecosystem. An Indian company buying products from another Indian company will actually help create that ecosystem, help insulate and secure itself in the long run from any disruptions, he stated. The minister also highlighted new opportunities in the manufacturing sector, drawing attention to 12 recently approved industrial townships. These developments, according to Goyal, could play a crucial role in boosting India's manufacturing capabilities and contribute significantly to the nation's goal of becoming a developed economy by 2047. However, Goyal expressed concern over the stagnant contribution of the manufacturing sector to India's GDP, which has remained at 15-16 per cent for the past two decades. While acknowledging the positive aspect of maintaining this level, he emphasised the need for growth, particularly given India's large, skilled workforce. I think India can do much more, Goyal remarked, pointing to the potential of the country's 1.4 billion population and the influx of talented young graduates into the workforce. The minister's call to action comes at a time when India's GDP is showing robust growth. However, the manufacturing sector's pace has not kept up with this overall economic expansion, presenting both a challenge and an opportunity for domestic industry. Goyal's address underscores the government's focus on fostering a self-reliant industrial ecosystem while positioning India as a key player in global manufacturing. As the country navigates complex international dynamics and strives for economic advancement, the emphasis on domestic collaboration and manufacturing growth appears to be at the forefront of its industrial strategy. (KNN Bureau) 39108 https://knnindia.co.in/news/newsdetails/global/commerce-minister-piyush-goyal-urges-indian-firms-to-strengthen-domestic-partnerships-amid-global-challenges 2024-08-30 17:46:28 knnindia.co.in Commerce Minister Piyush Goyal Urges Indian Firms to Strengthen Domestic Partnerships Amid Global Challenges