Industry

India wants to capture world market, to become $30 trillion economy very soon: Piyush Goyal

Union Minister Piyush Goyal arrives at an event in Tirupur, Tamil Nadu on June 26, 2022.

Union Minister Piyush Goyal arrives at an event in Tirupur, Tamil Nadu on June 26, 2022. | Photo Credit: M. Periasamy

Union Minister Piyush Goyal on June 26 said India wants to capture the world market in all sectors and the country would “very soon” become a $30 trillion economy from the level of $3 trillion at present.

The Minister for textiles and commerce and industry said the domestic textile industry has huge potential to generate jobs in coming years and the Centre is working actively with various countries to finalise free trade agreement (FTA) which will give zero-duty access to India’s textile sector in the world market, according to an official statement.

Addressing an event in Coimbatore, Mr. Goyal emphasised that the Centre is promoting both cotton and man-made textile sector so that it gets larger share of world market thereby increasing jobs opportunities as well as investment, the statement said.

“In all sectors, we want to become a global industry. We want to capture the world market” he said, adding on that under the guidance of the Prime Minister, the Centre is working actively with different countries to finalise free trade agreement which will give zero duty access to textile sector in world market. It’s because of the good relations of PM with world leaders, India is getting global respect today.”

While inaugurating SIMA Texfair 2022 at Coimbatore Mr. Goyal emphasised that the Centre is promoting both cotton and man-made textile sector so that it gets larger share of world market thereby increasing jobs opportunities as well as investment.

Mr. Goyal asserted that Tamil Nadu would become the largest hub for textiles, pumps, wet grinders, critical components manufacturing etc., in the world and boost the economic growth of the Nation. Mr. Goyal highlighted the various policy initiatives taken by the government and the hard work put in by the industry to achieve $440 billion exports.

He stated that the country would reach 30 trillion economy from the level of 3 trillion economy very soon and the government has been aggressively addressing all the structural issues including the tariff barriers, issues in taxation, global competitiveness, etc.

The Minister advised all the stakeholders in the value chain to strive hard, stand united and thereby become the largest manufacturing country in the world. He invited all the young and women entrepreneurs to come forward to make investments and contribute for the growth of the Nation.

Sharing plans to manufacture uniforms for defence personnel in India, the Minister said, “We have decided to support SITRA (Supply of Improved Tool-Kits to Rural Artisans) so that they can produce more defence related products which will help our jawans at the border. The uniforms are to be manufactured in India instead of importing them. Some clinical trials are required for some products. I have agreed to support this under National Technical Textile Mission. They will soon put in proposal,” he said.


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Printable version | Jun 27, 2022 6:53:12 pm | https://www.thehindu.com/business/Industry/india-wants-to-capture-world-market-to-become-30-trillion-economy-very-soon-piyush-goyal/article65567065.ece