Shri Piyush Goyal says India is focusing on creating a no-frills cost and a differentiation strategy;

Self-reliant, self-resilient & a confident India will engage with the world, says the Minister

Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution, Shri Piyush Goyal today said that we are looking at a self-reliant, self-resilient & a confident India which will engage with the world in the days to come. Speaking at the virtual inauguration of the India Services Conclave 2021, he said that India is focusing on creating a no-frills cost and a differentiation strategy which will help to create uniquely desirable goods & services. He invited the world to walk with India, talk with India & run with India in our engagement on the services side in the new digitalized world that COVID has brought to fore.

The Minister said that despite the strictest lockdown, India’s commitments to the world were completely fulfilled during the period. This, he said, that will help us in good stead in the times to come, establishing India as a trusted partner which is willing and ready to serve the world.  Converting the COVID crisis into an opportunity, he said that India has done significant reforms in banking, financial sector, mining, agriculture, labour laws & opened up our economy. Under the guidance of Prime Minister, India has been leading from the front. “We have scaled up our infrastructure to meet the COVID crisis, from our testing ability to enforcing one of the strictest lockdowns to manufacturing products which were only imported.” The Minister said that we will close the year with over 90% of our services exports worldwide, as compared to what we did last year.

The Minister said that Services is our competitive advantage. Services sector has been a significant success story of India. This sector has shown a steady growth and resilience in the face of global challenges. India’s digital economy generates about $200 billion economic value annually, but there is a potential to ramp it up to $ 1 trillion if digital technologies are used to unlock productivity, savings and efficiency across diverse sectors. He said that the digital services will help contribute to Ease of living, Ease of consumer engagement & benefits, and help in securing digital infrastructure for international engagement.

Shri Goyal said that as the global trade moves more and more towards services, digital and data back innovation which India offers can really boost the world's engagement with digital technologies in a cost competitive manner. He said that Cyber security is another area where we are very much focused on

Calling for innovation and upgradation to create a glorious path for India in Digitisation, the Minister said that our capacity & capability in digital technologies are huge & they will determine our ability to compete with the world on cost competitiveness & differentiated products. He said that we are preparing the nation to see how we can ensure the most modern technologies are available in India & upgrade the productivity & skill levels for the domestic & international market. “We are preparing India to see how we can invite hi-Tech industry to come and engage with India & ensure how most modern technologies are available in India & upgrade skill & productivity of entire nation”, he added.

No frills cost and differentiation strategy to boost digital services competitiveness and invite global engagement for technology and trade. India's strategy focuses on strengthening services competitiveness via cost leadership and differentiation, expanding services exports, and building digital infrastructure and cyber security to support international engagement. The policy couples a program of reforms in banking, financial sector, mining, agriculture and labour laws with measures to attract hi tech investment, upgrade skills and scale manufacturing and testing capacity to convert pandemic adjustments into sustained digital and export growth.