Union Minister of Commerce and Industry, Piyush Goyal, recently stressed the importance of improving quality standards in India. Addressing the Federation of Indian Chambers of Commerce and Industry’s (FICCI) 97th Annual General Meeting, he urged industries to collaborate with technical committees and appoint representatives to uphold these standards. Goyal emphasized that India must position itself not only as a trusted partner but also as a provider of high-quality goods, a crucial step toward achieving the vision of a “Viksit Bharat” (Developed India). He also called for closer cooperation between industry leaders and the government to reduce compliance challenges and decriminalize laws hindering business growth, aiming to create a more favorable business environment.
Goyal also emphasized the substantial allocation of US$ 11.85 billion (Rs. 1 lakh crore) for the Anusandhan National Research Foundation (ANRF), aimed at fostering innovation and developing a strong research ecosystem in the country.
Amardeep Singh Bhatia, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), outlined the government’s strategy to promote the establishment of more industrial parks in Tier-II and Tier-III cities, with a framework expected by year-end. He noted that the Production-Linked Incentive (PLI) scheme, valued at US$ 23.34 billion (Rs. 1.97 lakh crore), has already garnered US$ 17.30 billion (Rs. 1.46 lakh crore) in investments across 14 sectors, driving technological advancements and export growth. Additionally, India’s relaxed foreign direct investment (FDI) policy presents ample collaboration opportunities for businesses seeking access to new technology and markets. Bhatia also mentioned the success of the Startup India program, which has registered 1.53 lakh startups, and is focusing on deep-tech ventures by providing long-term financing and research funding announced in the recent Budget.
