PIB | 24 May, 2022
Minister for Commerce and Industry Piyush Goyal on Tuesday asked Indian
industry to procure locally wherever there is an opportunity so that domestic
supply chains are fortified and become more resilient and the tendency to place
excessive dependence on international supply chains is curbed.
was addressing the “Breakfast session Discussion on Trade 4.0” in Davos,
that the India story had been receiving a lot of enthusiasm across the world,
the Minister said that in spite of constraints like Covid 19, chip shortages,
conflict, rising commodity prices, container shortages and significant
shipping and logistics issues that it has been facing in the last two years,
which caused massive supply chain disruptions that threw the
global economy off balance, Indian businesses had displayed great resilience,
overshooting export targets and achieving USD 421.8 billion worth of exports.
the Prime Minister Narendra Modi, Goyal 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.
responsiveness, he said, is a manifestation of the resilience that Indian
businesses have to offer and the resilience and confidence of political
of the need for working together towards a shared vision, Goyal expressed confidence
that India could achieve a target of USD 1 Trillion worth of merchandise and
services export each by 2030 if we worked as a team.
that in the last 8 years, the government had focussed extensively on structural
reforms the Minister said that each one of those movements has been holding
India in good stead during times of crisis.
Minister said that Digital India had helped India work during pandemic-induced
lockdowns. He added that Missions such as Swacch Bharat, Jan Dhan-Adhaar-Mobile
trinity, financial inclusion, Ayushman Bharat, vaccination programs etc. had
helped prepare India for the next level of growth and engagement with the
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
stressed that India had taken a series of strict measures to tame inflation,
keep interest rates in check and rein-in rupee depreciation so that growth and
prosperity are not affected.
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.
Highlighting the serious efforts being made in that direction, the Minister
said that the government was striving to ensure orderly behaviour of prices and
ensure that businesses add value and jobs.
upon government’s bid to bring down logistics cost through measures such as PM
Gati Shakti, the Minister said that the National Master Plan would help improve
infrastructure planning and ensure implementation of projects within time and
that the government would wholeheartedly support businesses, the Minister urged
industry to bring scale into all economic activities.
concern over the excessive dependence on international supply chains, Goyal
urged businesses to procure locally wherever there is an opportunity.
asked businesses to support each other and help fortify domestic supply chains.
to Trade Agreements recently inked with UAE and Australia, the Minister said
that these agreements were opening new frontiers in international trade.
added that agreements with Canada, EU, UK, Israel and GCC were in the pipeline.
The Minister said that the world had great confidence in India and wanted to
engage with it enthusiastically.
upon the immense potential that the tourism sector held, the Minister asked for
more players to come into the tourism sector.
added that trade, tourism and technology, the three headline items that all
Indian Missions across the world have been asked to promote, had to take off so
that India is recognized as a quality supplier of goods and services.
also assured that every Indian mission had been tasked with supporting Indian
industry and pitching for our businesses. Every Mission, every office, every
official is now ready to stand for Indian businesses and that is what will
spearhead trade 4.0, he added.
Minister remarked that the government was on a mission to
rewrite the script of a New India that is ready to play the leading role
in global trade and asked investors to come invest in India, in its
ideas, talent and limitless potential. India is the future, Goyal