India’s economy has grown thanks to its reliability, decisive leadership and democratic structure promoting transparency at all levels, said Minister of Trade, Industry and Textiles, Piyush Goyal.
The country, which is now a $3 trillion economy, announced a stable policy framework and respected all investments made in all sectors, Goyal said during an exclusive interaction meeting with CII members in association with the Department of Promotion of Industry and Internal Trade (DPIIT), Government of India and Invest India organized here on Saturday evening.
Members from the textile, light engineering and ICT sectors participated in the meeting.
Stating that the DPIIT reforms are enabling Indian industries to generate global growth, Goyal said the importance of launching the ONDC (Open Network for Digital Commerce) network has the potential to break down barriers by enabling customers to engage with the sellers of their choice in a transparent way.
Goyal said current e-commerce platforms are restrictive and favor products chosen by platform developers, but thanks to ONDC, MSMEs and startups can harness the opportunities presented by digital advancement to connect with their customers, an official statement said on Sunday.
Suggestions on the importance of diversification and expansion for advanced economies like Japan for textiles were a welcome step and the ministry will support this endeavor, the Union Minister said.
He assured to resolve the representations on the integration of the multiple accreditations needed for the pump industry within days and assured that all suggestions provided by the sector representatives will be duly taken into account and, where possible, resolved within a month.
Kamal Bali, Vice President, CII Southern Region and Managing Director, Volvo Group (India) Pvt Ltd and CII Management Tamil Nadu Shankar Vanavarayar and CII Coimbatore Management, Prashanth and Arjun Prakash highlighted some special needs for industrial development such as increasing design capacity, creating high value-added jobs, high value-added products and enriching innovation capacity to conquer global markets, according to the statement.
Rajendra Ratnoo, Joint Secretary, DPIIT, Ministry of Trade, and VK Singh, Special Secretary, Ministry of Textile, spoke on the various reforms launched by their respective ministries for the benefit of the industry.