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Support each other in manufacturing, promote local firms: Goyal to domestic businesses | Economy News

New Delhi: Minister of Trade and Industry Piyush Goyal on Thursday called on domestic businesses to look at ways and means to support each other in manufacturing and promoting local companies as companies do in South Korea and Japan.

Promoting three points, the minister said Korea and Japan did not import Indian steel and bought steel from their players.

“I think there is a need for a shared responsibility among companies to address social and environmental challenges and support each other in domestic production. See Korea, they just do not allow Indian steel supplier to export to Korea, that is the spirit country there. “he said while speaking to CII Manufacturing Conclave 2022.

Goyal adds that Japanese companies do not allow Indian steel in Japan and that they will buy USD 100 for a tonne metal but local Japanese steel.

“Many of you may have faced such non-governmental barriers that I could not even fight ‘G2G’ (government to government) However, it comes from the spirit of the country.

“I think we in India should also look at ways and means to support each other, encourage each other and raise our own brothers and sisters,” he said.
Goyal also suggested large companies to integrate with MSMEs and ensure timely payment, and teach young people to access production.

Speaking about the National Single Window System (NSWS), he expressed “sadness” that businesses are not using this altar perfectly.

“When I see the number of people who sign up or the people who get certificates on it (NSWS,) I am a little disappointed,” he said, urging the company to use the altar and suggest where they are facing. to problems.

On exports, he said, it would exceed $ 400 billion.
He expressed confidence that in February, exports will exceed 30 billion USD.

“We have international geopolitical uncertainty as seen today on the Ukraine-Russia crisis, but I am very confident that India will play an increasingly important role in the revival and recovery of international economies in the coming years, ”Said Goyal.

He also expressed hope that the export markets of services could touch this USD 250 billion fund.

“Looking at growth on both sides, jobs will accelerate and by 2030, India should expect billions of dollars in exports and $ 1 trillion in exports,” Goyal added.

Meanwhile, the minister also assisted in the review meeting of the Committee on the Advancement of Valuables and Exports (SCALE) and stressed that these efforts are leading to greater job creation in the country.

During the meeting, Goyal highlighted the need for exploring innovative ways to increase local value in key areas of production amid existing disruptions in the global value chain. This will increase India’s progress in rising global value chains. Also Read: Policy support continues crucial for economic recovery: RBI Governor

Manufacturers and exporters from many sectors, including automotive components, white goods (ACs, electronics and TV), semiconductor manufacturing, plastics, furniture, wheels and ee-cycle wheels, batteries, leather and boots, and fishing involved in the discussions. Also Read: RBI Cancel Registration Certificate of PC Business Services

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