Opportunities in India presented during negotiations of FTAs, says Goyal
The Government is working to introduce quality standards in a much bigger way to help Indian manufacturing sector over the next two to three years, Commerce and Industry Minister Piyush Goyal.
“We need to recognize the importance of quality. In the next 2-3 years, we hope to significantly ramp-up the products which will have reasonably strict, but practical quality standards which will be made compulsory,” he told the 12th edition of ‘MASSMERIZE 2023’, organized by FICCI.
“This will help the manufacturing sector stand against irrational competition, increase scale of production and become more competitive,” he said on 6 Mar 2023.
“India will be an important consumer market and we are going to see more and more sustainability driving consumer demands.
“It will be a virtuous cycle that we will have to create. There has to be a massive investment to create necessary infrastructure for the economy to rest,” he stated.
“Developed economies could not have become what they are today if they had not internationalized their economy. We need to engage with the world in a bigger way, focusing on scale, improving domestic logistics ecosystem, focus on quality sustainable goods,” he underlined.
While negotiating FTAs, the focus is on opportunities that India offers. “Going forward, consumption will increase, with demand for good quality, sustainable products delivered smartly, that meet international standards at competitive prices,” he explained.
The Minister stated that ONDC (Open Network for Digital Commerce) will help small retail survive onslaught of large tech-based e-commerce companies.
“Our effort is to encourage small companies, startups to integrate into e-commerce ecosystem. Like UPI democratized payment systems, ONDC will democratize benefits of e-commerce,” said Goyal. fiinews.com
