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Goyal hails Indian consumer electronics industry; urges priority for quality & domestic manufacturer collaborations

By TIOL News Service

NEW DELHI, DEC 08, 2023: THE Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Mr Piyush Goyal commended the remarkable contribution of the consumer electronics industry in India. While addressing the ‘44th Annual Function' of the Consumer Electronics and Appliances Manufacturers Association (CEAMA) in New Delhi yesterday, the Minister highlighted the importance of collaboration between the industry and the government to attain collective objectives.

Mr Piyush Goyal stressed the importance of seizing opportunities, engaging internationally, and embracing competitiveness to ensure India's growth trajectory. He emphasized the significance of meeting consumer demands for high-quality and competitively-priced products. Mr Goyal urged the industry to prioritize quality, highlighting the importance of supporting the Indian ecosystem and fostering collaboration among domestic manufacturers. The Minister said that the Quality Control Orders (QCOs) have been issued to further the interests of both the consumers and the industry as high quality products are beneficial for all. He encouraged companies to opt for Indian-made components and products, contributing to job creation and scaling competitiveness in both local and global markets.

Mr Goyal said that the Prime Minister, Mr Narendra Modi has urged people to become Viksit Bharat Ambassadors. The Minister also encouraged the attendees to join the program and proudly become part of India's journey towards a developed nation. He said that we must encourage more of our friends and family to collectively take up this challenge and become Viksit Bharat Ambassadors. He said that Viksit Bharat will be a corruption free India with the colonial mindset shed from our minds. Mr Goyal highlighted the vision of the Prime Minister of people powered development led by 140 Crore Indians.

Emphasizing a broader perspective, Mr Goyal underscored the need for a change in mindset, encouraging stakeholders to adopt innovative approaches. He elaborated on the ongoing international trade negotiations, stressing the importance of projecting India's story as the world's fifth-largest economy with imminent prospects of becoming a trillion-dollar economy soon. The Minister emphasized that India's growing influence and significance have attracted global attention, thereby offering unique marketing propositions and fostering increased engagement with the country.

Highlighting the strength of India's ambitious startup ecosystem and its young demographic dividend, Mr Goyal outlined the opportunities presented by India's 1.4 billion strong young population. He noted the positive economic indicators, including India's success in curbing double-digit inflation to a benchmark of 4% plus or minus 2%. The Minister emphasized that lower inflation rates and reduced interest costs are pivotal in the country's journey towards becoming a developed nation. Mr Goyal said that lower inflation which translates to lower interest costs is an important element in our path towards becoming a developed nation.

The Union Minister highlighted various social welfare initiatives led by the government, including the provision of free food grains to millions of Indians, ensuring food security and eradicating hunger. He underscored the government's commitment to providing housing for the underprivileged, electrification of every village and household, and the expansion of healthcare services.

The Minister said that the Government is working towards women led development. Mr Goyal also advocated for the active participation and recognition of women in India's development journey. He highlighted the economic contributions of women, both within households and in the formal workforce, emphasizing the need to acknowledge and value their efforts adequately.

Reflecting on the success of the 'Digital India' initiative, the Minister highlighted the rapid rise in internet users in the country, especially through smartphone usage, and its transformative impact on rural areas, thereby nurturing aspirational India.

Expressing optimism, Mr Piyush Goyal remarked on the transformation witnessed in Indian manufacturing capabilities since 2014, as companies transition towards sustainable manufacturing practices and produce high-quality goods.

Mr Goyal emphasized the critical role of the consumer electronics industry in India's growth story, urging stakeholders to maintain a focus on innovation, quality, and sustainable practices to ensure a brighter future for the nation. He lauded the industry's efforts in fostering growth and reiterated the government's support to elevate it further.


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