India’s manufacturing industry need to remain competitive, responsive to global developments: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal on Wednesday highlighted the importance of innovation, quality, design, sustainability, and efficiency as key drivers of India’s manufacturing competitiveness.

The Minister mentioned the need for industry to remain competitive and responsive to global developments.

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He said that recent disruptions have underscored the importance of resilient supply chains and cautioned against overdependence on specific geographies.

Goyal further emphasised the need to identify areas where domestic capacity and greater control over supply chains are essential.

He said that industry collaboration is vital for expanding manufacturing output and noted that growth in manufacturing will further accelerate growth in services, and added that as India strengthens its presence in global markets, it must simultaneously remain open to competitive practices within the domestic economy.

Several states, including Uttar Pradesh and Odisha, have recorded rapid progress in recent years, resulting in increased local opportunities and reduced migration, he said.

He encouraged industry to provide suggestions on simplifying procedures, improving regulatory systems and strengthening the manufacturing environment, and noted that the ongoing government efforts to ease compliance, remove obsolete provisions and modernise legal frameworks, including the introduction of the four Labour Codes.

He said that 23 states have framed corresponding rules and that the Codes will enhance formalisation, ensure minimum wages and strengthen social security and workplace safety.

Goyal underlined the importance of timely payments to MSMEs and said that prompt clearing of dues would significantly ease cash flow constraints and support MSME productivity and growth.