Atmanirbhar Bharat: Not about closing doors, but greater global engagement, says Piyush Goyal

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Published: July 14, 2020 7:20 AM

Borrowing from Prime Minister Narendra Modi’s five ‘Is’ — intent, inclusion, investment, infrastructure and innovation – , Goyal said India should focus on investment, infrastructure and innovation in the post-Covid world.

He said that most countries across the world have succeeded on the back of new technology, engagement with newer ways of doing work and innovating not only in products and services but also their processes.He said that most countries across the world have succeeded on the back of new technology, engagement with newer ways of doing work and innovating not only in products and services but also their processes.

Piyush Goyal, minister for commerce & industry and railways said on Monday that ‘Atmanirbhar Bharat’ was not about closing India’s doors but opening them and having a greater global engagement.

Emphasising that self-reliance does not entail cutting ties with rest of the world, he said it actually meant a larger role for Indian entrepreneurs, businesses, youngsters and all stakeholders to become a part of resilient global supply chains. “It is about improving our quality of production, achieving higher economies of scale, greater production capacities so that we not only meet India’s needs but also meet global demand at competitive prices and through quality products,” he said addressing the officials of Bombay Chamber of Commerce and Industry (BCCI) at its 184th annual general meeting.

Borrowing from Prime Minister Narendra Modi’s five ‘Is’ — intent, inclusion, investment, infrastructure and innovation – , Goyal said India should focus on investment, infrastructure and innovation in the post-Covid world.

He said that most countries across the world have succeeded on the back of new technology, engagement with newer ways of doing work and innovating not only in products and services but also their processes. He said that trade bodies like BCCI have an important role to play and need to work with the government in achieving this. He said efforts are needed to “bring back a self-resilient and confident country engaging with the rest of the world from a position of strength and not weakness”.

He said that there was a need to simplify communication with the government and proposed a single window which could enable easier and swift channel between the government and the industry. He also said that efforts will have to be made at making affordable finance available for businesses, and looking at long-term finance available for infrastructure and manufacturing.

Goyal said that as the unlocking had started, the Indian economy was improving, as indicated by freight movement and increased electricity consumption. He said manufacturing has started with reasonable level of operation, while the exports are showing upward trend.

He also said that Indian industries like auto parts, leather, pharmaceutical, footwear and marine products have the potential to promote Indian manufacturing. “I invite Bombay Chamber of Commerce & Industry to help and contribute in the efforts of the government for improving and simplifying ease of doing business indices and building a robust mechanism for single window clearances and self-regulation structures for industries,” he said.

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