Govt setting up 12 new industrial parks, 5-6 mega textile parks lined up: Piyush Goyal                                                 

The Government is setting up 12 new industrial parks across the country and has 5-6 mega textile parks lined up, said Mr Piyush Goyal, Minister of Commerce and Industry, Government of India and urged the private sector to take advantage of the same. He was speaking during a session at the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organized by the Confederation of Indian Industry (CII) on 30 July in New Delhi. He asked Industry leaders to help the Government identify policies and compliance issues being faced by businesses and offered to reduce compliance burden and decriminalize business-facing laws.

Noting the Government’s achievements in the last 10 years, Mr Goyal said that businesses and people recognize the transformation in the Indian economy. The GDP has doubled, Foreign Exchange Reserves more than doubled and the current account deficit has come down significantly, reflecting how a good government can make a massive difference, he said. The Minister said that countries around the globe want to have FTAs with India and expand relations. Mr Goyal noted that by 2047, India will be a USD 35 trillion economy, owing to the young, aspirational population of the country.

Mr Goyal said that the nation is aspiring for a much bigger and better future. He said that the Government’s work is centered around various principles including minimum government – maximum governance, skill development, speed & scalability, transparency and digitization. We are focused on innovative financing models, he said adding that the Government also focuses on monitoring & prioritizing issues and ensuring time-bound execution of projects within cost. This is an outcome-oriented nation, ready to take on the challenges of the future, he said.

Addressing the gathering, Mr Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development & Entrepreneurship and Minister of State for Education, Government of India said that the Union Budget is very forward-looking and not just a statement of accounts, with the FM emphasising entrepreneurship, youth, education and skilling. We need to facilitate and build an ecosystem that makes skills aspirational for our youth, he noted.

Mr Chaudhary went on to state that creating a vibrant middle class and an economy that truly values innovation is when the real social churn will become visible. “The Government is going to work towards these aspects.  South Korea took 15 years to transition towards a knowledge economy. Given India’s legacy system and pace of change, our country could take a little longer. There is a lot to do on India’s knowledge index; however, we are progressing with key drivers,” he added.

Mr RK Singh, Secretary, DPIIT also attended the session. Mr Sanjiv Puri, President, CII noted that the PLI Scheme has been a powerful driver of growth and suggested linking it with the Employment Linked Scheme for a better impact. Mr Rajiv Memani, President Designate, CII noted that robust regulations ensure a stable and secure environment for businesses to thrive and innovate.

Mr R Mukundan, Vice President, CII spoke about the interlinking of MSMEs, skilling, development and trade policies. Mr Aditya Ghosh, Chairman, CII Skill Development Committee suggested a few recommendations for creating a robust framework for R&D partnerships between publicly funded institutions, academia and the private sector.

Mr Chandrajit Banerjee, Director General, CII moderated the session.

30 July 2024

New Delhi