On Friday, Commerce and Industry Minister Piyush Goyal urged Indian companies to enhance mutual support by purchasing goods from one another. He emphasized that such a practice would not only be beneficial in the long term but also provide a safeguard against potential disruptions, such as those experienced during the pandemic.
Goyal advocated for Indian businesses to seize opportunities in the newly approved 12 industrial townships across the country, suggesting that this move could significantly boost the manufacturing sector. He highlighted that the manufacturing industry is crucial for India’s aspiration to become a developed nation by the year 2047.
Goyal stressed the importance of branding India and fostering collaboration within the domestic industry. He called for a united effort among Indian companies, urging them to not only engage with international players but also to strengthen partnerships within the national framework.
According to him, when Indian companies purchase products from other Indian companies, it contributes to building a robust ecosystem and offers protection against global disruptions. He pointed out the various challenges the world faces, such as geopolitical tensions, the Red Sea crisis, Mpox (Monkeypox), and the threat of new pandemics, underscoring the need for internal solidarity.
While addressing industry leaders through a virtual platform, Goyal acknowledged that despite the country’s GDP growing at a rapid pace, the manufacturing sector’s growth has remained relatively stagnant. He noted that manufacturing contributes approximately 15-16 percent of the GDP—a figure that has remained consistent for the past two decades.
Although maintaining this level can be seen as positive, Goyal suggested that there is significant untapped potential. He emphasized that with India’s population of 1.4 billion people and the influx of young graduates equipped with diverse talents and skills, the country has the capability to achieve much more in the manufacturing sector.
Goyal’s remarks highlighted a dual perspective: while maintaining manufacturing output levels can be seen as a stable achievement, there is a pressing need to enhance growth and fully leverage the country’s potential. By fostering internal trade and investment, and by taking advantage of new industrial developments, Goyal believes that India can overcome current challenges and accelerate its journey towards becoming a developed nation.
