Union Commerce and Industries Minister Piyush Goyal on Thursday asked the industry players to be bold and focus their energies on turning competitive rather than depending on the government for support.
While speaking at an event by the IMC Chamber of Commerce, the minister asked till when will the industry depend on the “crutches” of subsidies, high import duties, and other similar protectionist measures.
Minister Goyal stated that huge opportunities are unfurling in a country of 1.4 billion people, many of whom are aspirational young people. There is a deep commitment toward manufacturing, skill development, and innovation, as advocated by Prime Minister Narendra Modi himself, which truly makes India the world’s emerging investment destination.
“Till when can we look up to the government for support? Or, till when can we win on crutches of subsidies and support, incentives, high import duties, the protectionist mindset, and being very defensive in our engagement with the world?” the minister said.
Businesses should thrive on competitive strength and engage with the world with confidence, instead of depending on the Government for subsidies, support, incentives, and so on, he added.
He further said that competitiveness in an industry also depends on its capacity building for innovation, upgrading manufacturing practices, skillsets, and efficiency.
“Unless we become competitive, the aspirations of 140 crore Indians will not succeed, and we cannot achieve being a developed country,” he said.
The Commerce Minister said India cannot become a developed nation if it does not open up its businesses for international trade.
In this context, he named five key enablers for bringing about Viksit Bharat@2047, namely Quality Management and Handholding of Small Business, Sustainability, Inclusive Growth, Skill Development and Competitiveness and Efficiency.
He further said development cannot happen if there is no inclusive growth in the country, for which targeted interventions like ease of living initiatives for various communities and infrastructure development across the country have been taken up by the government.
The Minister urged that businesses will also have to cater to the agenda of inclusive development through better CSR initiatives.