: Commerce Minister Goyal applauds positive response by Industry to PLI scheme #FinanceIndia #StockMarketNEWS Commerce Minister Goyal applauds positive response by Industry to PLI scheme New Delhi,
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Commerce Minister Goyal applauds positive response by Industry to PLI scheme #FinanceIndia #StockMarketNEWS
Commerce Minister Goyal applauds positive response by Industry to PLI scheme New Delhi, 18 Nov (KNN) Piyush Goyal, Union Minister of Commerce while chairing a review meeting of the Steering Committee on Advancing Local value-add & Exports (SCALE) said, that there has been a very positive Industry feedback about the various PLIs announced by the Centre.
“It may be noted that some of these PLIs in Textile, Automotive and White Goods Sector are already beginning to encourage more growth,” added Union Minister Goyal.
The Minister spoke about the Government’s aim to double its exports of Auto Components to USD 30 billion by 2026. Currently out of the global Auto Component trade of USD 1.3 trillion, India’s share is USD 15 billion.
Underlining the need to reduce Logistics costs to make our factory products competitive in global markets, he asked the States to reduce state specific disabilities. The Commerce Minister also urged the States to undertake suitable amendments in Labour laws to take advantage of PLIs induced manufacturing growth. “Cost of doing business needs to be assessed State-wise,” he remarked.
He asked Industry captains to take advantage of low labour costs and reap benefits of India’s huge scale and demographic dividend. Pointing out that every country cannot be good in all sectors, and said that India has to choose niche and specific areas and excel in it.
Identifying key focus areas for improvement to achieve robust growth of Manufacturing sector is vital, said the release. These areas include Land, Skill Development, Government & Industry partnership and compliance of Model Labour Law.
He lauded the Air Conditioner manufacturers for achieving a great degree of localization and also switching over to CFL-free cooling technology. On the switchover to clean energy in automobiles sector, the Minister stressed on ramping up indigenous production of magnets and electric motors.