By TIOL News Service

NEW DELHI, FEB 28, 2024: UNION Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal, said that with the triple track of strong macroeconomic fundamentals, huge thrust in infrastructure creation and social welfare push India has been at the forefront of global growth for the past decade. During his address at the 'Viksit Bharat@ 2047 Conclave' organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi today, the Minister said that the Government is undertaking various initiatives to promote manufacturing in the country.

Goyal urged the gathering to contribute to the holistic and comprehensive vision of expanding the domestic manufacturing footprint in the world and make India a Viksit Bharat by 2047. He urged them to become a 'Viksit Bharat' ambassador by engaging with the local industries and contributing to the end-to-end value chain. The Minister further urged the group to be 'vocal for local' and be a part of job creation, giving impetus to the service sector and tourism in the country.

The Minister said that the thrust of increased foreign investments coupled with the nation's contribution of a 3D vision of democracy, demography and demand, India's economy is on fast track. The Minister added that the projected earnings from exports that the government expects from the manufacturing sector in the coming years will also help boost the economy.

The Minister said that India is one of the preferred destinations both for investment and as a sourcing hub to cater to the world demand. He further said that the aspirational India is a big demand aggregator and also acts as a booster for the manufacturing industry.

India has become an important player in the renewable energy manufacturing sector, said Goyal. He emphasised that India has stepped up automobile manufacturing and will double its manufacturing capacities in the construction sector too. He also said that India is a leader in the electrical manufacturing space and with the inclusion of women and youth in the workforce, the consumption of fast moving goods and electronic products have seen a rapid increase giving a leg up to the electronic manufacturing industry. Goyal said that the auto component industry has become a pride of the nation exporting USD20 billion of goods with an aspiration target of USD100 billion by 2030. He added that the government has set its focus to develop a semiconductor industry and is also looking to promote ship building and tourism industry in the country providing impetus to increase in goods manufacturing in the country.

Goyal said that India has an important role to play in global value chains that provides a fillip to add to the manufacturing investments and capacities of the nation. He further added that due to its high quality and affordable production, India has the potential to serve the needs of the world.