Shri Goyal urges industry to use QCOs to raise quality, competitiveness

Govt setting up 12 new industrial parks, 5-6 mega textile parks lined up: Shri Goyal

Union Minister of Commerce and Industry, Shri Piyush Goyal during his session at the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organised by the Confederation of Indian Industry (CII) here today said that unlike the previous governments, Narendra Modi government has signed four good Free Trade Agreements (FTAs) till now and has concluded the negotiations after undergoing extensive stakeholder consultations.

Shri Goyal said that India took a bold decision to walk out of RCEP as it was never a good decision to be a part of those negotiations.

Noting the Government’s achievements in the last 10 years, Shri Goyal said that businesses and people recognize the transformation in the Indian economy. The GDP has doubled, Foreign Exchange Reserves has more than doubled and the current account deficit has come down significantly, reflecting how a good government can make a massive difference, he said.

Shri Goyal emphasised that the India-EFTA FTA signed under PM Modi have a $100 bn-investment commitment linked to concessions. Shri Goyal urged the industries’ cooperation to move faster on FTAs and use the Quality Control Orders (QCOs) to their benefit and also to raise their standards. “QCOs will help with better market share and ensure that substandard goods don’t flood the market”, the Union Minister said.

Shri Goyal further urged the industry participants to provide inputs on ways to reduce compliance burdens, processes and procedures and urged them to make use of Rs 1 lakh crore of ‘Anusandhan Fund’ for private-sector driven research and development.

Shri Goyal added that the Government is setting up 12 new industrial parks across the country and has 5-6 mega textile parks lined up and also stated that Indian investors should be forthcoming in supporting startups and MSMEs by utilising benefits provided by the Government. “Let’s be the change and make the difference we want to see in India”, said the Commerce & Industry Union Minister.

Speaking of the governments before 2014, Shri Goyal asserted that Shri Narendra Modi inherited an economy struggling with high inflation and lower growth rates in 2014. The Union Minister asserted that the Modi government has managed to convert a fragile five economy at the time of UPA into a top five economy.

Free Trade Agreements promote reciprocal market access and linked investment commitments while urging quality controls to protect competitiveness. Free trade agreements operate as reciprocal market-opening instruments negotiated after stakeholder consultations, with the India-EFTA FTA linked to a large investment commitment; the Government stresses strategic selectivity, exemplified by withdrawal from RCEP. Industry is urged to employ Quality Control Orders to raise standards and block substandard imports, to advise on reducing compliance burdens, and to utilise a government research and development fund, alongside new industrial and textile parks, to boost competitiveness and support startups and MSMEs.