Commerce and Industry Minister Piyush Goyal emphasized the importance of domestic collaboration among Indian companies during a virtual address on August 30. He urged businesses to purchase goods from one another to create a resilient ecosystem that can withstand global disruptions, such as pandemics and geopolitical crises. Goyal highlighted that supporting local industries will not only benefit individual companies but also strengthen the overall manufacturing sector, which he sees as crucial for India’s goal of becoming a developed nation by 2047.
Goyal also encouraged Indian firms to explore opportunities in 12 newly approved industrial townships, which are expected to enhance manufacturing capabilities. He noted that while India’s GDP is growing rapidly, the manufacturing sector has stagnated at about 15-16% of GDP over the past two decades. This trend indicates that despite overall economic growth, manufacturing has not kept pace, which is a concern for a nation with a large population of skilled graduates.
The minister stressed the need for collective efforts to “brand India” and urged the industry to engage not only with international players but also with each other. He pointed out that collaboration within the industry is essential for achieving sustainable growth and resilience against future challenges. Goyal concluded by calling for more ideas and engagement from industry leaders to improve the ease of doing business and to facilitate the government’s initiatives in manufacturing and skill development.
