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Infra, semiconductor, domestic manufacturing some strategic priority sectors: Goyal
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IANS | 07 Jan, 2023
Union Commerce and Industry Minister Piyush Goyal on Saturday expressed
confidence that the structural reforms taken by the government in the
last 8 years will help India emerge among the top three developed
economies in the world.
In his address at the 27th
edition of Wharton India Economic Forum, held virtually, with the theme
of India leading innovation in the age of uncertainty, Goyal, citing the
most impactful economic reforms that will pave the way for India's
growth story in coming years, said a lot of structural changes that have
taken place in the last eight years have had a significant impact on
the way the Indian economy is poised to take off.
Terming GST as
one of the important reforms, he highlighted that despite the
challenging global scenario, recent GST collections have been very
robust. He also noted that India is now a more honest, transparent
economy and people are now getting used to paying their taxes.
He
said Insolvency and Bankruptcy Code (IBC) is also an important reform
measure that has resulted in robust banking systems in India. These
banks have been able to provide the resources for industry to grow. He
also mentioned reforms such as privatisation, digitisation of the
economy, particularly the financial sector, decriminalisation of laws,
and simplification of compliances to enable ease of doing business.
Responding
to a question of which sectors are strategic priorities for the
government, Goyal said that infrastructure, semiconductor, and domestic
manufacturing are some of the priority sectors. He also pointed out that
Prime Minister Narendra Modi's focus is on building a robust
infrastructure in India. Private sector is also contributing in this
endeavour.
The Minister said semiconductor is a critical sector
for the Indian economy, and so is domestic manufacturing, and the
government has introduced PLI schemes to kickstart Indian manufacturing
in over 14 sectors.
Sharing his views on the current geopolitical
environment in relation to tensions between Russia and the West, Goyal
reiterated the Prime Minister's belief that today's era must not be an
era of war.
On India's renewed focus in signing free trade
agreements in the past five years, the Minister emphasised that India
today has emerged out of the shadows of the past, and has recognised
that multilateral engagements often lead to economic partnerships which
may not be in the best interests of all the stakeholders.
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