Support, buy goods from each other to protect Indian firms against disruptions: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday urged domestic companies to support and buy goods from each other as it would benefit them in the long run and provide protection against any disruptions like the Pandemic.

He also suggested India Inc to explore business opportunities in the recently approved 12 industrial townships in the country as it would help boost manufacturing.

The minister added that the manufacturing sector will play a key role in making India a developed nation by 2047.

"We need to brand India, we need to support each other. Industry needs to be a partner not only with international players, but also be a partner with each other. All of you need to support each other.

"An Indian company buying products from another Indian company will actually help create that ecosystem, help insulate and secure itself in the long run from any disruptions. Two wars, the Red Sea crisis, Mpox (Monkeypox), a new pandemic hovering around, we have enough to be worried about the world," Goyal said while addressing industry leaders virtually.

The minister also said that though the country's GDP is growing at a faster pace, manufacturing sector growth is hovering at the same levels.

The sector accounts for about 15-16% of the GDP and this trend is there for the last 20 years, "which means though the GDP is growing faster, manufacturing is growing at the same levels".

He added that in one sense it is good that the level is maintained, but in another sense, for a country with 1.4 billion people and where young men and women coming out of college with talents and skill sets, "I think India can do much more”.