Piyush Goyal Urges Industrial Transformation to Boost Global Trade
Commerce Minister Piyush Goyal called for increased innovation and market diversification to establish India as a globally recognized manufacturing nation.
Commerce and Industry Minister Piyush Goyal outlined a strategy to transform India into a globally recognized manufacturing nation during two high-level meetings in New Delhi. Addressing the Fourth National Conference on India's Industrial Transformation, Goyal emphasized that collaboration between government, industry, and academia is essential to drive innovation and achieve economies of scale.
Earlier in the day, Goyal met with Export Promotion Councils to discuss navigating geopolitical uncertainties and shifting tariff structures. He urged exporters to prioritize product quality and compliance with international standards to better integrate into global value chains. To support these efforts, he highlighted the Export Promotion Mission as a tool to resolve market access and finance constraints for Micro, Small and Medium Enterprises.
Goyal noted that recent trade agreements have secured preferential access to economies with a combined GDP of 60 trillion USD. While discussing trade negotiations with the United States, he stated that the interests of farmers and other stakeholders remain uncompromised. He also credited the Startup Fund of Funds and the Research, Development and Innovation Fund for helping India become the world's third-largest startup ecosystem.
