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Piyush Goyal looks to build on PLI scheme, boost exports in 2nd term as Commerce Minister

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NEW DELHI : Union Commerce and Industry Minister Shri Piyush Goyal on Tuesday told officials of his ministry that the government needs to build on the success of the past initiatives such as the productivity-linked incentive (PLI) Scheme and the recent Foreign Trade Agreements (FTAs) to boost domestic manufacturing and exports so that more jobs are created in the country.

After taking charge of the Ministry of Commerce and Industry for a second consecutive term on Tuesday, Goyal convened a review meeting with senior officials from both departments within the Ministry.

The Commerce Secretary and the DPIIT Secretary presented a brief on the ongoing proposals and action items of the Ministry at the meeting, which was also attended by the Minister of State for Commerce and Industry, Shri Jitin Prasada.

Goyal emphasised the importance of continued collaboration and directed that a series of meetings must be scheduled in the coming days to delve into the details of various policies and action items that need to be finalised.

The minister said there is a need to introspect and better coordination between the different departments, as he emphasised the importance of research & development (R&D) and strengthening the public private partnership (PPP) model of governance. He also urged the officials to focus upon integrity, speed, skill, and scale.

The minister said the Steering Committee on Advancing Local value-add & Exports (SCALE), and production-linked Incentive (PLI) schemes must be utilised to their full potential to boost exports and domestic production.

Highlighting the achievements of his previous term, Goyal cited the boost in overall exports from India, the signing of various FTAs, and the significant inflow of Foreign Direct Investment (FDI) into the country.

With a renewed commitment to driving economic growth and fostering international trade, the Minister expressed hope to lead the Ministry of Commerce and Industry towards new heights, ensuring that India’s progress remains steadfast and inclusive.

Goyal also urged the officials of the Ministry to make quality the mantra to ensure India’s progress, noting that timely sharing of data and transparency in exports and imports will encourage investors to invest more confidently.

India is positioned in a sweet spot and the time is right to convert the challenges into opportunities, he added.

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