Goyal Aims to Enhance PLI Scheme and Export Growth in 2nd Term
Union Commerce and Industry Minister Piyush Goyal, taking charge of the Ministry for a second consecutive term, emphasized the need to leverage past successes to enhance domestic manufacturing and exports. Addressing senior officials from the Ministry of Commerce and Industry on Tuesday, Goyal outlined a strategy aimed at job creation and economic growth by building on initiatives such as the Productivity-Linked Incentive (PLI) scheme and recent foreign trade agreements (FTAs).
During a comprehensive review meeting with key ministry officials, including the Commerce Secretary and the Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Goyal received updates on ongoing proposals and action items. Minister of State for Commerce and Industry, Jitin Prasada, also participated in the meeting, underscoring the collaborative approach needed to achieve the ministry’s goals.
Goyal underscored the critical importance of continued collaboration among different departments and directed officials to schedule a series of detailed discussions in the coming days. These meetings aim to refine and finalize various policies and action plans essential for boosting the country's economic footprint. He highlighted the significance of research and development (R&D) and advocated for a robust public-private partnership (PPP) model to drive innovation and efficiency in governance.
In his address, Goyal pointed to the achievements of his previous term, noting significant increases in overall exports, successful FTAs, and a considerable influx of Foreign Direct Investment (FDI). He stressed the necessity for introspection and improved coordination across departments to capitalize on these gains.
Goyal specifically mentioned the Steering Committee on Advancing Local value-add & Exports (SCALE) and the PLI schemes as pivotal tools to further enhance exports and domestic production. He called for these initiatives to be maximized to their full potential to ensure continued economic growth.
Furthermore, Goyal emphasized the need for a relentless focus on quality, integrity, speed, skill, and scale in all aspects of the Ministry’s operations. He advocated for the timely sharing of data and increased transparency in exports and imports to build investor confidence and attract more investment into the country.
Concluding his address, Goyal expressed optimism about India's economic future, stating that the country is well-positioned to transform current challenges into opportunities. With a renewed commitment to driving international trade and economic growth, he pledged to lead the Ministry towards new heights, ensuring inclusive progress for India.