The Minister of Textiles encourages industry leaders to spend extensively
26 February 2022, Mumbai:
Piyush Goyal, the Union Minister of Commerce, Industry, and Textiles, has stated that labor-intensive industries such as textiles may create millions of employment.
"We certainly have worldwide geopolitical risks," the Minister stated in his opening talk to the CII Manufacturing Conclave 2022, "but I am extremely sure that India will play an increasingly vital role in the recovery and restoration of international economies in the years ahead."
"You have the capacity to raise millions out of poverty, and you have the power to deliver a better quality of life to the poor," he said, urging business leaders to invest extensively in labor-intensive areas.
Together, we can generate not thousands, but crores of employment in the textiles, footwear, and sporting goods industries, among other industries. There are so many industries where labor is a significant cost factor; this is a competitive or comparative advantage that we should take advantage of." He expressed optimism that India's total exports will exceed $650 billion this fiscal year.
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The Minister went on to say that in the post-COVID era, a new international order would emerge, and India, despite being a $3 trillion economy today, should aim for very big and aggressive goals. "I believe we can still strive for a $5 trillion economy by 2026," he continued, "but it won't be achievable until all of you join fully in this very, very ambitious goal."
He outlined a three-point action plan for all industry groups, including encouraging large corporations to incorporate MSMEs and assure timely payments, assisting one another in domestic production, and training young people to enter the business.
In a separate development, the Minister said the industry has responded well to the Government's multiple interventions to enhance local value addition, which have benefited not only large industries but also MSMEs while chairing a review meeting of the Steering Committee on Advancing Local Value-add & Exports (SCALE).
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*Figures mentioned in the above article have been sourced from Apparel Resources article.
