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Piyush Goyal asks India Inc to raise local procurement

He also emphasised on the need to focus more on services sector exports, which can further boost the country’s overall exports.

India, which is facing elevated inflation like many others across the globe, has initiated a series of measures to tame price pressure, keep interest rates in check and rein in the rupee depreciation to ensure growth and prosperity are not affected, Goyal added.
India, which is facing elevated inflation like many others across the globe, has initiated a series of measures to tame price pressure, keep interest rates in check and rein in the rupee depreciation to ensure growth and prosperity are not affected, Goyal added.

Commerce and industry minister Piyush Goyal on Tuesday exhorted Indian industry to step up local procurement wherever there is a scope so that domestic supply chains are fortified and turn more resilient. This will also curb local companies’ excessive reliance on international supply chains.

Addressing the “Breakfast session Discussion on Trade 4.0” in Davos, Switzerland, Goyal called on India Inc to look at boosting value-added exports and ensure that “new jobs come into India instead of raw materials going out of India”. The government, he said, was striving to make certain that there is orderly behaviour of prices and ensure that businesses add value and jobs.

He also emphasised on the need to focus more on services sector exports, which can further boost the country’s overall exports. Services exports hit a record $254 billion in FY22.

India, which is facing elevated inflation like many others across the globe, has initiated a series of measures to tame price pressure, keep interest rates in check and rein in the rupee depreciation to ensure growth and prosperity are not affected, Goyal added.

The government is striving to bring down logistics cost via measures such as GatiShakti, and another initiative, the National Master Plan, would help improve infrastructure planning and ensure implementation of projects within time and Budgetary allocation.

Although the country faced the direct and indirect impact of various issues, including the Covid onslaught, chip shortages, rising commodity prices, the Ukraine war, global container shortages and significant shipping and logistics costs, its exports exceeded the ambitious target to reach as much as $422 billion in FY22.
He stressed that in the past 8 years, the government had focussed extensively on structural reforms, which have been holding India in good stead during times of crisis.

Calling on investors to set up shop or expand in India, the minister said: “Come to India and grow with India because India is the future.”
“We are willing to dedicate senior government officials to oversee large projects. In the larger scheme of things, we all need to support each other to bring scale to the country,” he Goyal added.

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