Goyal Calls for Manufacturing Expansion

Goyal urged the captains of Indian industry to contribute to the holistic and comprehensive vision of expanding the domestic manufacturing footprint…reports Asian Lite News

Commerce and Industry Minister Piyush Goyal on Tuesday said that with the triple track of strong macroeconomic fundamentals, huge thrust in infrastructure creation and social welfare push, India has been at the forefront of global growth for the past decade.

In his address at the ‘Viksit Bharat@ 2047 Conclave’ organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here, the Minister said that the government is undertaking various initiatives to promote manufacturing in the country.

Goyal urged the captains of Indian industry to contribute to the holistic and comprehensive vision of expanding the domestic manufacturing footprint in the world and make India a Viksit Bharat by 2047.

He urged them to be ‘vocal for local’ and be a part of job creation, giving impetus to the service sector and tourism in the country.

The Minister said that the thrust of increased foreign investments coupled with the nation’s contribution of a 3D vision of democracy, demography and demand, India’s economy is on fast track.

He said that the projected earnings from exports that the government expects from the manufacturing sector in the coming years will also help boost the economy.

The Minister said that India is one of the preferred destinations both for investment and as a sourcing hub to cater to the world demand.

He further said that the aspirational India is a big demand aggregator and also acts as a booster for the manufacturing industry.

India has become an important player in the renewable energy manufacturing sector, said Goyal. He emphasised that India has stepped up automobile manufacturing and will double its manufacturing capacities in the construction sector too.

He also said that India is a leader in the electrical manufacturing space and with the inclusion of women and youth in the workforce, the consumption of fast moving goods and electronic products have seen a rapid increase giving a leg up to the electronic manufacturing industry.

Goyal said that the auto component industry has become a pride of the nation exporting $20 billion of goods with an aspiration target of $100 billion by 2030. He added that the government has set its focus to develop a semiconductor industry and is also looking to promote ship building in the country providing impetus to increase in goods manufacturing in the country.

The minister said that India has an important role to play in global value chains that provides a fillip to add to the manufacturing investments and capacities of the nation.

He further added that due to its high quality and affordable production, India has the potential to serve the needs of the world.

GeM Aims Big

The Government e-Marketplace (GeM) is set to close the fiscal year ending March 2024 with sales of Rs 4 lakh crore to the government from the turnover of Rs 422 crore in its first year of operation, Union Minister of Commerce & Industry, Piyush Goyal, said on Tuesday.

Speaking at the ‘Startup Mahakumbh’ curtain-raiser event in the national capital, the Union minister said the GeM now has over 23,000 registered startups doing business with the government.

GeM, created in a record time of five months, facilitates online procurement of common use goods and services required by various government departments, organisations and PSUs.

“The Government e-Marketplace is a startup itself. It started after ‘Startup India’,” the minister told the gathering.

The government is geared up to organise the first-ever ‘Startup Mahakumbh’, a celebration of homegrown startups, at Bharat Mandapam in New Delhi from March 18-20.

The minister further said that youngsters coming out of colleges today are not job seekers but “want to be job creators”.

“This can-do spirit is what we will be reflecting at the ‘Startup Mahakumbh’,” Piyush Goyal mentioned to startup leaders and community at the event.

The event is expected to host over 1,000 startups, more than 10 thematic tracks, over 1,000 investors, more than 500 incubators and accelerators.

GeM aims to enhance transparency, efficiency and speed in public procurement. It provides the tools of e-bidding, reverse e-auction and demand aggregation to facilitate the government users, achieve the best value for their money.

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