Piyush Goyal asks industry leaders to become globally competitive

The Indian industry must strive to become globally competitive at a time when several countries are placing trade barriers to protect their markets, Minister of Commerce and Industry Piyush Goyal said on Thursday.

He also urged state governments, export promotion councils and industry bodies to make all efforts to engage with the world from a position of strength.

"India and the world are now going through challenging times due to trade barriers and falling economic growth. Therefore there is a greater need for focused efforts to maintain our position and grow in world trade," said Goyal while addressing a joint meeting of the Board of Trade (BoT) and the Council of Trade Development and Promotion (CTDP).

He urged the representatives of industry and exports bodies to stop depending on subsidies and grants from the Central government and strive to make the industry more competitive and self-reliant.

When production takes place on a large scale, domestic manufacturing and businesses grow. This leads to import substitution and improves quality of products, said the minister giving the example of LED bulbs which are now available at affordable rates.

Goyal said many countries are willing to invest in India as it offers a huge market. "The time for incremental growth targets has ended and India now needs to leapfrog in order to improve its global standing and ensure that the benefits of growth reach the last citizen at the bottom of the pyramid," he said.

The meeting was attended by Minister of State for Commerce and Industry Som Parkash, Minister of State for Civil Aviation Hardeep Singh Puri, NITI Aayog CEO Amitabh Kant and officials from various government departments.