Preference for locally made goods to support mfg sector achieve 25% of the GDP of $30 trillion economy: Goyal

A renewed focus on exports and preference of domestic consumers for locally made goods can help India become a global manufacturing powerhouse, said Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textile on Tuesday 27 Feb.

Highlighting the role for the sector in driving economic growth, he urged stakeholders to support India’s manufacturing industry, adding that this will help the country achieve 16 times the current growth.

It is then that the manufacturing sector will be able to support 25% of the GDP of the $30 trillion economy in 2047, the minister said while speaking at the Federation of Indian Chambers of Commerce & Industry (FICCI) Viksit Bharat@2027 Conclave.

In the mission to make India a $30 trillion economy by 2047, Goyal said that the government is playing the role of an enabler in ease of doing business, focusing on ease of justice, ease of logistics, ease of living, and ease of innovation. All these, he said, are helping to create an elusive ecosystem to help the country grow and progress.

Speaking about infrastructural growth and spending, Goyal said that the central government is investing Rs 11,11,000 crores for Capital Expenditure. Besides this, state governments and private sectors are also investing in infrastructure and supporting the increasing demand of goods and services.