Union Commerce and Industry Minister Piyush Goyal on Wednesday said innovation, efficiency, quality and sustainability will define India’s ability to compete globally as the country expands its manufacturing footprint.
Addressing the IndiaEdge event organised by the Confederation of Indian Industry (CII), Goyal said India’s manufacturing base has widened in recent years, with strong progress in sectors such as electronics, white goods, chemicals and petrochemicals. He added that the broader economy — including agriculture and services — has shown healthy growth momentum.
Goyal said global disruptions had exposed the risks of overdependence on specific geographies, underscoring the need for resilient supply chains. Domestic capacity building in areas critical to strategic and economic interests would help reduce vulnerabilities, he noted.
The minister said stronger industry collaboration was necessary for scaling up manufacturing output, adding that growth in manufacturing would continue to boost services. As Indian firms expand globally, he said it was equally important to remain open to competitive practices within the domestic market.
Goyal observed that states such as Uttar Pradesh and Odisha had recorded rapid development, translating into more local employment and reducing migration. He urged industry participants to suggest ways to streamline procedures, strengthen regulatory systems and improve the broader industrial environment.
Stating that the government under Prime Minister Narendra Modi had taken up an extensive reform agenda, Goyal said efforts were underway to simplify compliance norms and modernise outdated legal provisions. He said 23 states had framed rules under the four Labour Codes, which aim to improve formalisation, ensure minimum wages and enhance social security and workplace safety.
The minister emphasised the need for timely payments to MSMEs, saying quicker settlement of dues would ease cash flow pressures and support productivity. He also highlighted the enduring importance of Swadeshi and self-reliance in strengthening domestic manufacturing capabilities.
Goyal said coordinated efforts between government and industry would be central to advancing the goal of Atma Nirbhar Bharat and achieving the national vision of ‘Viksit Bharat 2047’.
–IANS