The government is setting up 12 new industrial parks across the country and has 5-6 mega textile parks lined up, Minister of Commerce and Industry Piyush Goyal said recently. He urged the private sector to take advantage of these initiatives.
Speaking at a conference organized by the Confederation of Indian Industry (CII), the Minister asked industry leaders to help the government identify policies and compliance issues faced by businesses and offered to reduce compliance burdens and decriminalize business-facing laws. Noting the government’s achievements in the last 10 years, he said that businesses and people recognize the transformation in the Indian economy.
“The GDP has doubled, Foreign Exchange Reserves have 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. Goyal noted that by 2047, India will be a USD 35 trillion economy, owing to the young, aspirational population of the country. He said that the government’s work is centered around various principles, including minimum government – maximum governance, skill development, speed & scalability, transparency, and digitization.
Going ahead, the Minister said, “The government also focuses on monitoring and prioritising issues and ensuring time-bound execution of projects within the cost. This is an outcome-oriented nation, ready to take on the challenges of the future.”
Addressing the gathering, Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development and 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 emphasizing entrepreneurship, youth, education, and skilling. We need to facilitate and build an ecosystem that makes skills aspirational for our youth, he noted. 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.
