Union Minister of Commerce and Industry Piyush Goyal said that in the last 6 years, India has started a fast journey to find itself anew. Self-reliant India means improving the quality of life of people while remaining connected to the world. He interacted with many veterans of the industry.
- Self-reliant India means improving the quality of life of people
- Piyush Goyal told what will be a self-reliant India and how will it become
- People life will be improved through self-reliant India across the world
Now what has happened that there is an opportunity for India to become self-sufficient even in the face of this economic crisis? How can India achieve this goal? In the jumpstart series of India Today e-conclave, Union Commerce and Industry Minister Piyush Goyal highlighted this. He interacted with many veterans of the industry.
The session was moderated by India Today TV news director Rahul Kanwal. Corporate legends communicating with the Union Minister include Kohlberg Kravis Roberts & Co (KKR) Partner & CEO Sanjay Nair, Feedbank Infra Group Chairman Vinayak Chatterjee, JSW Chairman & MD Sajjan Jindal, Boston Consulting Group India Chairman Janmajay Sinha was involved.
On the question of how India can become self-reliant, Piyush Goyal said, ‘In the last 6 years, India has started a fast journey of rediscovering itself. Whatever projects PM Modi started, he remained connected with the last man, the trio of Jan Dhan-Aadhar-Mobile has helped in direct benefit transfer. Self-reliant India means improving the quality of life of people while remaining connected to the world.
Now what has happened that India hopes that business from China will come here? On this question, Piyush Goyal said, ‘This time the public has full support for reforms. The whole world is exploring options for supply chains and confidence in India has increased.
India has grown into a trusted partner in the world. Now inquiries have increased for large-scale investment in India. Sajjan Jindal said, ‘In 1991, the then government had taken many steps. Now the Modi government is trying to turn this crisis into an opportunity. Make in India, this is being tried by self-reliant India. At this time, the Modi government is working very hard to make India a self-sufficient country. India has very abundant mineral resources. We import coal for electricity generation, while our country has abundant reserves of coal for the last 200 years. India can become a major producer and export after meeting its needs.
Sanjay Nair said, ‘Many countries are now trying to set up manufacturing units. But people like India because of its democracy and contract law. It is important to make business easier and the government is working in this direction. He said that there should be a centralized single window system that allows all projects to be approved, not only big but also small.
A report by the American Chamber of Commerce and Industry says that the way China has dealt with Corona, companies have started liking China. Would she like to go out now? On this question, Janmejaya Sinha said, ‘Now no one will depend on China as it has been before. But at present, the cost of electricity and logistics in India, the cost of capital is very high and it is very difficult to get approval.
Furniture Industry Export $50 Billion
Piyush Goyal said, ‘Experts from FICCI, CII, and ASSOCHAM have identified sectors that need help. Now there will be competition in which state the price of electricity is standard, labor law has been improved, and there is single window clearance. UP has done very well in this matter.
He said, ‘I think from the furniture industry alone, we can export 50 billion dollars, in which 20 to 3 million people can get employment.
Vinayak Chatterjee said, ‘There are different needs for different sectors of the economy. MSME needs cash. The big industry wants the demand to increase. The government has taken relevant measures to meet the needs of MSMEs.
Supply Chain will come to India
Sanjay Nair said, “If there is a centralized system of clearance, the supply chain will come to India. We have to create low-risk capital in the country itself. Pension funds and insurance funds can be used. We have to be completely self-sufficient in this matter; we cannot depend on China for investment.
Sajjan Jindal said that the RBI has cut the rate by 2 percent, but the industry has not got the benefit of this cut. To increase demand, the problem of cash has to be resolved.
How will Migrant Workers return to the Cities
How will migrant workers return to the cities? On this question Vinayak Chatterjee said, ‘Once the conditions are normal, economic activities will start, most people will come back. In such a situation, government programs become important. Creating 6 coastal economic zones in the country will be one such task.
Union Minister Piyush Goyal said, ‘I can assure that there is a government in the country that listens to everyone’s opinion and takes opinion from all sides. In times of crisis, migrant laborers want to go among their family and we should respect their opinion. I am confident that once they see that everything is done, they will come back.
Make Complete Arrangements for Workers
He appealed to the business world to ‘provide proper housing, means of transport, health, social security etc. to the migrant laborers near their plant’. He said that a negative result of liberalization was that industrialization became concentrated in cities, now it will have to be taken back to villages, small cities, and de-centralization.
He said that PSUs, states have a lot of lands. Now the availability of land is not a problem. Farmers are getting very good prices. Now the availability of land has become easier. That is why we are making regulatory procedures easier. We do not want Inspector Raj to come back again.
Piyush Goyal said, ‘We do not want a crisis like 2008 again. Credit guarantee schemes will motivate banks to lend to trusted customers. My experience says that the situation will soon be normal. India’s position is also very strong in terms of foreign exchange reserves.
He said, ‘We have tried to give enough grains, gas cylinders, money to farmers. Agricultural yields are expected to increase. The food procurement program has been expanded.