“India’s global footprint is increasing by leaps and bounds, and this is our chance to capitalise on that opportunity,” stated Shri Piyush Goyal, Minister of Commerce and Industry, Textiles, Consumer Affairs, Food and Public Distribution, Government of India, at an interactive session on “Enhancing Global Footprint: India’s Big Opportunity”, at the Global Economic Policy Summit 2021, organized by the Confederation of Indian Industry (CII), in New Delhi today.
The Minister elaborated that there are three mantras in the post pandemic era to enhance India’s global footprint. The first is to look beyond cost and strengthen resilient ecosystems in businesses and in work, to prepare the country for any future instances such as the Covid-19 pandemic. The second mantra for accelerating India’s integration into global value chains, the Minister explained, is to focus on innovation and sustainability. The third is boosting the role of the private sector and engaging both the Government and the private sector to work in collaboration, through public private partnerships, but leaving the work of running businesses to businesses.
Emphasizing that India rebooted very quickly post the lockdown and fulfilled all its international commitments, especially on the services front and merchandise trade, the Minister added, “This is where India is looked upon as a trusted and valuable partner in global resilient supply chains.” The Minister also mentioned that India will take a leadership role in saving the world due to its vaccine manufacturing capacity.
Shri Goyal further explained that the thrust given to infrastructure development and the slew of reform measures undertaken by the Government for promoting industry at scale such as the PLI schemes, industrial parks policy, etc. have helped India earn the trust of investors.
The Minister highlighted the need for India to open up markets for other products from other countries and engaging with the world through transparent and honest business practices.
Referring to India’s rising sectors such as intellectual property, start-up eco system, and markets for newer and non-traditional products such as technical textiles or man-made fibres, the Minister stated that Prime Minister Shri Narendra Modi’s mantra of “Reform, perform and transform” was reflected everywhere and is inspiring the new generations of Indians to look beyond the past and progress towards the future.
Mr Ajay Shriram, Past President, CII and Chairman & Senior Managing Director, DCM Shriram Limited, stated, “India has a unique opportunity to position itself in the overarching dynamics of the world and become one of the key nodes of global value chains and enhance its global footprint.”
“Indian Industry is committed to partnering with the Government to enhance India’s global footprint and rebuild India,” stated Mr Chandrajit Banerjee, Director General, CII.
November 18, 2021