Union Commerce and Industries Minister Piyush Goyal has urged Indian industry leaders to embrace competitiveness and innovation rather than relying on government support, subsidies, or protectionist measures. Speaking at an event organized by the IMC Chamber of Commerce, Goyal emphasized the need for self-reliance in manufacturing and trade, stating that India cannot achieve developed nation status without a strong competitive edge.
Call to End Reliance on Government Support
Goyal questioned the industry’s continued reliance on government interventions such as high import duties, subsidies, and incentives, calling them “crutches” that hinder long-term progress. “Till when will we depend on subsidies and support?” he asked, stressing that Indian businesses must transition to a more self-sustaining and innovation-driven model.
He highlighted that true competitiveness arises from modernized manufacturing, skill upgrades, and efficiency improvements. Instead of shielding domestic industries from global competition, the focus should be on enhancing quality standards and engaging with international markets.
Quality and Innovation: The Key to Global Success
Goyal pointed out that India’s quality standards in several sectors, including pharmaceuticals and manufacturing, need significant improvement. He urged larger companies to mentor smaller enterprises to elevate industry-wide quality benchmarks.
He also called on businesses to adopt voluntary quality standards rather than resist them, citing that enhanced standards would boost India’s credibility in global trade.
India’s Role in Global Trade and Economic Growth
The minister emphasized that for India to become a developed nation, it must increase its engagement with the global economy through trade. He noted that certain sectors like oil, defense, and food security may continue to require strategic government intervention, but the broader industry must aim for self-sufficiency and resilience.
Goyal’s remarks come at a time when India is negotiating key free trade agreements (FTAs) with global partners, including the UK. He hinted that the Indian government is actively engaging with international stakeholders, despite global economic uncertainties.
Way Forward for Indian Industry
Piyush Goyal reaffirmed that initiatives like Make in India have helped create a foundation for growth, but the next phase of India’s industrial evolution must be driven by competitive manufacturing, technology-driven solutions, and global market engagement.
He concluded by challenging Indian businesses to step up, stating:
“The industry must decide whether it wants to continue relying on protectionist policies or emerge as a globally competitive force. The choice is ours.”
