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Piyush Goyal says India on recovery path, asks industry to focus on quality, productivity


NEW DELHI: Commerce and industry minister Piyush Goyal on Wednesday said India is on the path of recovery and things are falling back into place, and asked industry to focus on quality and productivity as they impact both manufacturing and services.

“We are on the path of recovery and things are falling back into place…The resilience and determination that our Indian industry has shown over the last nine months of Covid-19 is truly very encouraging and has shown the world capacity of India and Indian industry,” he said at a webinar on Udyog Manthan organised by the Department for Promotion of Industry and Internal Trade.

The department is organizing Udyog Manthan – a marathon of focused sector- specific webinars to promote quality and productivity in Indian Industry in association with Quality Council of India, National Productivity Council, and industry bodies from January 4-March 2, 2021. Comprising 45 sessions, it will cover various major sectors in manufacturing and services.

High frequency indicators like PMI, exports and GST proceeds have shown an improvement in economic activity.

Referring to Prime Minister Narendra Modi’s call for Indian products to win the hearts of people across the world, Goyal said that this is possible by adopting high quality and improving productivity.

“These two elements- quality and productivity-impact not only manufacturing, impacts services as well and impacts governance,” Goyal said.

The minister said that a liberalised framework for foreign direct investment has been provided for promoting investments in different sectors, including single-brand retail, coal, mining and manufacturing.

“We are opening up rapidly in a number of sectors and encouraging investment into India. We are working on more investments in defence, space,” he said.

FDI equity inflows into India grew 21% to $35.33 billion in the April-October period of fiscal 2021 from $29.31 billion a year earlier.

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