Minister of Commerce and Industry Piyush Goyal on Tuesday called upon Indian industry 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 by engaging with the local industries and contributing to the end-to-end value chain. The Minister further urged industry to be ‘vocal for local’ and be a part of job creation, giving impetus to the service sector and tourism in the country.
Addressing the ‘Viksit Bharat@ 2047 conclave’ organised by FICCI, the Minister said that the thrust of increased foreign investments is aligned 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. As preferred destinations both for investment and as a sourcing hub to cater to the world demand, aspirational India is a big demand aggregator and also acts as a booster for the manufacturing industry, Goyal added.
Goyal emphasised that India has stepped up automobile manufacturing and will double its manufacturing capacities in the construction sector. “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.
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. Later, delivering the keynote address at the curtain raiser of ‘Startup Mahakumbh’ organised by Department for Promotion of Industry and Internal Trade (DPIIT), the Minister said that the startup sector has proved its capability to innovate with ideas across various sectors like mobility, food, textiles, etc. Goyal also launched the ‘Bharat Startup Ecosystem Registry’ and the website and logo of Startup Mahakumbh at the event. “Indian startups are changing the rules of the game and therefore the startup sector is the backbone of the nation,” he said and encouraged the well-known and developing startups across the country to participate in the Startup Mahakumbh. India is all set to witness its first-ever ‘Startup Mahakumbh’, the largest celebration of Indian startups from March 18-20, 2024, at the prestigious Bharat Mandapam, New Delhi. Spearheaded by the collaborative efforts of ASSOCHAM, NASSCOM, Bootstrap Incubation & Advisory Foundation, TiE and Indian Venture and Alternate Capital Association (IVCA), the event will cement India’s reputation as a melting pot of innovation and amplify the country’s global startup footprint.