‘Any country’ can restrict exports, focus on swadeshi products: Piyush Goyal

Businesses in India should focus on swadeshi products, as this will not only help India’s growth but also strengthen the country’s financial security, said Union Minister of Commerce, Piyush Goyal on Monday.

Addressing the 56th EEPC India National Awards, he cautioned that recently it has been seen that any country can impose export controls or restrict important products from reaching India, which can create hurdles for businesses.

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Therefore, he said, there is a need to focus more on Atmanirbhar Bharat. He described it as a call to action that everyone must accept.

“India’s 1.4 billion people, businesses, and trade should focus on Made in India products.” Businesses that are import dependent, he suggested, can look into products that can be procured and made in India.

“India’s strength relies on trade and the MSME sector, which form the backbone of the country’s businesses. India’s self-confidence is so strong that it will only grow stronger and will not bow in front of anyone,” the minister added.

Referring to EEPC’s journey, he pointed out that in 1955 exports were at USD 10 million, while today they stand at USD 116 billion. With time, he said, the engineering sector will grow further with bigger goals and greater strength.

The Minister said he has full confidence that India, with the motto of “Zero Defect, Zero Effect,” will grow bigger.

He underlined the need to ensure that good quality products are made in India and sold across the world. “The world today considers India a trusted partner, and it is important to maintain that status. India is a nation conscious of sustainability. As a responsible global citizen, India is mindful of Mother Nature, and with its NDC commitments under COP21 in Paris, India has ranked in the top three for consecutive years in global sustainability efforts.”

On GST reforms announced recently, Minister Goyal said with GST rate cuts and simplification, Prime Minister Narendra Modi has given a boost to domestic demand.

“New opportunities for employees and increases in income will follow.’ He further said that when infrastructure spending and consumer demand grow on the strong base of the economic system, no power in the world can stop India from becoming a world power.