Union Minister for Commerce and Industry, Mr. Piyush Goyal, has urged businesses to prioritize competitiveness and innovation instead of depending on government aid. Speaking at an IMC Chamber of Commerce event, he questioned the industry’s reliance on subsidies, high import tariffs, and protectionist policies, stating that such short-term measures cannot drive sustainable economic growth. He referenced Mr. Michael Porter’s theories on competitive advantage, highlighting the need for businesses to embrace innovation, enhance manufacturing capabilities, and invest in workforce development to secure India’s global standing. He stressed that without a strong competitive edge, India’s ambition to become a developed nation and improve the lives of 140 crore citizens would remain out of reach. While acknowledging that certain sectors like oil, defense, and food require government intervention, he emphasized that increasing global trade participation is vital for long-term progress.
Addressing concerns about product quality, particularly in the pharmaceutical industry, Mr. Goyal called on larger firms with international certifications to assist smaller businesses in meeting global standards. Rather than opposing higher quality requirements, he urged industry leaders to embrace them, ensuring Indian products gain a stronger reputation worldwide. He noted that initiatives like Make in India have helped foster a national mindset geared toward self-reliance and competitiveness, positioning India for greater involvement in global trade.
Mr. Goyal also touched on the complexities of ongoing trade negotiations, particularly the India-United Kingdom free trade agreement, highlighting the demanding nature of discussions in today’s global economic environment. He reaffirmed the government’s commitment to positioning India as a strong player in international markets through strategic trade partnerships and industry-driven growth.
