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Press Release

Robust Economic Strategies, Thrust on Infrastructure Creation and Focused Welfare to Help India Lead Global Growth: Piyush Goyal

Feb 27, 2024

Addressing the FICCI’s National Conclave Viksit Bharat @2047, Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Mr Piyush Goyal underscored the pivotal role of strong macroeconomic fundamentals, substantial infrastructure development, and comprehensive welfare measures in propelling India to the forefront of global growth. With the triple track of strong macroeconomic fundamentals, a huge thrust on infrastructure creation, and welfare, undoubtedly, we can see India being at the forefront of global growth, Minister Goyal affirmed, highlighting the government's commitment to nurturing a supportive environment for the manufacturing sector's expansion.

The Minister lauded the government's role as an enabler in this transformative journey, emphasising initiatives to enhance ease of doing business, justice, logistics, and living standards. "Our actions today are shaping the destiny of our nation, driving India's growth story as the fastest-growing large economy in the world," Mr Goyal stated.

Echoing Prime Minister Modi's vision for a Viksit Bharat by 2047, Mr Goyal expressed confidence in India's journey towards becoming a developed nation with a $30 trillion economy. The Minister outlined India's comprehensive manufacturing strategy, poised to make significant strides in the renewable energy, automobile, and textile sectors. “We are manufacturing for the renewable energy sector in a big way. We are going big in the automobile sector; we will be a large producer, even probably doubling our capacity in steel, cement, and building construction materials,” Mr Goyal stated. He further highlighted the burgeoning electronic goods sector, propelled by the youth's growing affinity for electronic devices, positioning India as a global leader in the electrical industry.

The Minister referenced the auto component industry's success, already exporting $20 billion with a goal to reach $100 billion by 2030, alongside the textile sector's ambitious target to increase its exports from $44 billion to $100 billion. This expansion is driven by the rising demand for quality clothing among India's youth, showcasing the sector's vast potential for growth. Mr Goyal also emphasised the government's focus on emerging industries, such as semiconductors and shipbuilding, alongside efforts to boost tourism, thereby creating a holistic ecosystem that supports the manufacturing of goods and provision of services.

Mr Goyal also noted the increasing consumption patterns in rural and urban India. Alluding to recent research that highlighted increasing consumption in rural and urban India and reducing the share of the food basket in the daily consumption pattern, the minister remarked, “I think that augurs well for rising incomes, leading to an increase in demand for a variety of goods and services, which is a necessary enabler for our manufacturing sector.” The Minister also emphasised the importance of looking outward and increasing exports to enhance competitiveness and quality, bolstering India's macroeconomic position. He also alluded to Prime Minister Modi’s clarion call of ‘Wed in India’, which will give a fillip to jobs and the country's services sector.

Mr Goyal underlined the government’s vision to not only boost manufacturing and infrastructure but also to champion the cause of local industries and artisans through initiatives like 'One District One Product'. The minister encouraged the industry leaders to become Viksit Bharat ambassadors. “I urge each one of you to be a Viksit Bharat ambassador, be Vocal for Local, support each other, and be willing to engage with domestic industry as a part of your entire value chain,” he said. He concluded with a call to action for all Indians to contribute to this vision, ensuring that manufacturing will account for 25% of the GDP by 2047. 

Delivering the welcome address, Dr Anish Shah, President, FICCI and Group CEO & Managing Director of Mahindra Group, emphasised the critical juncture at which India's manufacturing sector stands today. Dr Shah highlighted the need for the manufacturing sector's contribution to the economy to leap from 18% to 25% to achieve a $30 trillion economy within the next 23 years. "To realise this ambitious vision, manufacturing in India must grow 16 times," he asserted.

Dr Shah praised the Honourable Minister's initiatives to enhance India's global standing, positioning it as a prime destination for international companies and fostering an environment where Indian companies can emerge as global manufacturing powerhouses.

Mr SK Pathak, Secretary-General of FICCI, delivered the Vote of Thanks.

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