Piyush Goyal Urges Indian Industry to Raise Quality Standards and Innovation

ENA Sectors 2024-11-22 15:23:40 New Delhi, Nov 22 (KNN) Union Commerce and Industry Minister Piyush Goyal on Thursday urged Indian industries to prioritise quality, emphasising the nations dual role as a trusted partner and provider of high-quality goods. Speaking at the 97th annual general meeting of the Federation of Indian Chambers of Commerce & Industry (FICCI), Goyal charted a vision for Indias journey towards becoming a developed nation by fostering innovation, collaboration, and global standards. India will not only be a trusted partner but also a provider of quality goods. This potent combination will define our journey towards a Viksit Bharat, Goyal asserted. He encouraged industries to engage with technical committees and assign representatives to strengthen quality standards across sectors. Highlighting the governments commitment to research and innovation, Goyal referred to the Rs 1 trillion allocation under the newly operationalized Anusandhan National Research Foundation (ANRF). These funds should be utilized to drive innovation, experimentation, and solutions that elevate exports while meeting domestic demands, he said. The minister also stressed reducing compliance burdens and decriminalizing business-related offences to improve the ease of doing business. Amardeep Singh Bhatia, secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), outlined plans to enhance industrial infrastructure in Tier-II and III cities. With 11 industrial corridors and 20 smart townships in development, the government is creating sector-specific parks to boost economic activity. Bhatia highlighted the Production-Linked Incentive (PLI) scheme, which has attracted Rs 1.46 trillion in investments across 14 sectors, generating advanced technology inflows and Rs 4 trillion in exports. The Rs 1.97 trillion initiative aims to position India as a global manufacturing hub while generating employment and curbing cheap imports. Indias robust startup ecosystem was also lauded, with 153,000 startups registered under the Startup India initiative. The focus on deeptech startups and liberalised foreign direct investment (FDI) policies are expected to drive deeper industry collaborations and long-term financing solutions. With a comprehensive strategy involving innovation, infrastructure development, and quality adherence, India is poised for transformative economic growth. (KNN Bureau) 40008 https://knnindia.co.in/news/newsdetails/sectors/piyush-goyal-urges-indian-industry-to-raise-quality-standards-and-innovation 2024-11-22 15:23:40 knnindia.co.in Piyush Goyal Urges Indian Industry to Raise Quality Standards and Innovation