Summary:

Union Minister Piyush Goyal has urged industry players to prioritize competitiveness over government support. Speaking at an IMC Chamber of Commerce event, he questioned the long term viability of subsidies, high import duties, and protectionist measures. Citing Michael Porter, he emphasized the need for innovation, improved manufacturing, and skill development to enhance India's global standing, warning that without competitiveness, development goals will remain unfulfilled.

He addressed India's quality concerns, particularly in the pharmaceutical sector, urging larger companies with global approvals to support smaller players in meeting high standards. He advocated for adopting quality benchmarks rather than resisting them. Reflecting on Make in India, he underscored its role in strengthening the national mindset and India's global trade position. He also discussed complex global trade negotiations, including the India-UK free trade agreement.

Source: IBEF 

Disclaimer:The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.