Need to build on success of PLI schemes, recent FTAs: Piyush Goyal

Union minister Piyush Goyal, who officially took charge of the ministry of commerce and industry for a second consecutive term on Tuesday, asked senior government officers to build on the success of schemes such as the production-linked incentive (PLI) scheme as well as the recently signed trade deals.

Goyal was convening a review meeting with senior officers from the commerce and industry department. Minister of state for commerce and industry Jitin Prasada also attended the meeting, where commerce secretary Sunil Barthwal and DPIIT (Department for Promotion of Industry and Internal Trade) secretary Rajesh Kumar Singh presented a brief on the ongoing proposals and action items of the ministry, an official statement said.

Goyal said that there is a need to introspect and coordinate better between departments. Piyush Goyal emphasised the importance of research and development (R&D) and strengthening the public-private partnership (PPP) model of governance.

He urged the officers to focus on integrity, speed, skill, and scale. He said that the Steering Committee on Advancing Local value-add & Exports (SCALE) Committee and PLI schemes must be utilised to their full potential to boost exports and domestic production.

The minister further said that the timely sharing of data and transparency in exports and imports will encourage investors to invest more confidently. India is positioned in a sweet spot, and it is the right time to convert our challenges into opportunities, he added.

EAM speaks of Bharat First, Vasudhaiva Kutumbakam

After taking charge, External Affairs Minister S Jaishankar stressed Bharat First (India First) and Vasudhaiva Kutumbakam (the world is one family) would be the two guiding axioms of Indian foreign policy of the new government.