Piyush Goyal asks industry players to be bold, focus on turning competitive
Competitiveness will come from the industry's ability to innovate, upgrading manufacturing practices, skills and efficiencies, the Minister of Commerce and Industry believes.
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.
Speaking at an event organised by the IMC Chamber of Commerce here, Goyal raised questions on the industry's reliance on the "crutches" of subsidies, high import duties and other similar protectionist measures.
"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?"
"We as a nation will have to decide to get out of this protectionist mindset and weak-kneed thinking", Goyal said, wondering if Michael Porter's seminal work on competitive advantage is relevant only till industry leaders are in business schools.
Competitiveness will come from the industry's ability to innovate, upgrading manufacturing practices, skills and efficiencies, he emphasised.
"Unless we become competitive, the aspirations of 140 crore Indians will not succeed and we cannot achieve being a developed country," he said.
Unless the country looks at upping its engagement with the world through trade, it cannot become a developed nation, Goyal said.
He, however, acknowledged that there will be a few exceptions in sectors where the country is indeed dependent on imports like oil, defence and food.
Goyal, who arrived late at the event, said he has not been able to have a little bit of rest over the last 10 days because he has been grappling with the "turbulent global situation" and quipped that he is "half dead" because of the "various activities" now.
It can be noted that following US President Donald Trump's policy moves on the trade front, hectic parleys have started across world capitals, and New Delhi has seen a restart of the negotiations on the India-UK free trade pact among others in the last few days.
Goyal said quality has been a long standing challenge for India, and in sectors like pharma, bigger companies having the necessary global approvals should handhold the smaller players into upping the game on quality for collective benefit.
He asked the industry to adopt quality standards, rather than challenging such mandates.
He said a slew of initiatives like Make in India over the last few years have collectively built the mindset of the country, and added that the country is ready to play a bigger role in world trade now.
Edited by Jyoti Narayan