The government is establishing 12 new industrial parks nationwide and planning 5-6 mega textile parks, according to Minister of Commerce and Industry Piyush Goyal, PTI reported. He encouraged the private sector to leverage these initiatives.
At a Confederation of Indian Industry (CII) conference, Goyal urged industry leaders to assist the government in identifying policy and compliance issues faced by businesses. He also offered to reduce compliance burdens and decriminalize business-facing laws.
Highlighting the government’s achievements over the past decade, Goyal noted the significant transformation of the Indian economy. “The GDP has doubled, Foreign Exchange Reserves have more than doubled, and the current account deficit has come down significantly, reflecting how a good government can make a massive difference,” he said.
Goyal mentioned that countries worldwide are eager to establish Free Trade Agreements (FTAs) with India and expand relations. He projected that by 2047, India will be a USD 35 trillion economy, driven by its young, aspirational population.
The minister emphasized the government’s focus on several principles: minimum government – maximum governance, skill development, speed and scalability, transparency, and digitization. He stressed the importance of monitoring and prioritizing issues, ensuring timely project execution within budget, and fostering an outcome-oriented nation ready to tackle future challenges.
Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development and Entrepreneurship, and Minister of State for Education, highlighted the Union Budget’s forward-looking nature, emphasizing entrepreneurship, youth, education, and skilling. He underscored the need to create an ecosystem that makes skills aspirational for the youth, aiming for a vibrant middle class and an economy that values innovation.
Chaudhary remarked on India’s transition toward a knowledge economy, noting that while it might take longer compared to South Korea’s 15-year transition, India is progressing with key drivers despite its legacy system.