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Piyush Goyal seeks industry inputs on FTAs, market access, reducing compliance burden Indian Economy

Piyush Goyal seeks industry inputs on FTAs, market access, reducing compliance burden

India Blooms News Service | @indiablooms | 22 Jan 2022, 07:38 pm

New Delhi/UNI: Minister of Commerce & Industry Piyush Goyal on Friday asked the Indian industry to inculcate a greater appetite for risk-taking, leverage the cost advantage as well as the trust advantage that it enjoys and partner with all stakeholders including Central and state governments to attract businesses to India and transform it into a global leader.

“Industry must clearly focus on the principles of quality and productivity to become global scale operators so that we can benefit from the economies of scale,” he said addressing the Merchants’ Chamber of Commerce & Industry (MCCI), virtually.

Goyal listed three expectations for industry associations to fulfil with priority on proactively participating in giving ideas, suggestions on issues related to FTAs, NTBs and market access as well as themes for India’s G20 presidency in 2023 resonating with the vision of Aatmanirbhar India.

The industry was also urged to highlight areas where the compliance burden can be reduced, the process of doing business can be eased and processes can be identified for digitisation.

The Minister also directed the industry to start using the National Single Window System and give feedback on expanding facilities.

Goyal assured the industry that in signing FTAs, India was looking at reciprocal access, good market conditions, and equitable play in trade in goods and services with like-minded as UAE, Australia, UK, EU, Israel, Canada, GCC.

“However, FTAs are a two-way traffic and we need industry’s cooperation in maintaining fruitful bilateral relations,” he said.

Goyal assured industry on the release of funds under the Technology Upgradation Fund Scheme (TUFS) after due diligence and verification of pending claims and to take for the printing sector the issue of duty waivers with the Finance Ministry against Export Promotion Credit Guarantee (EPCG) obligations to such units defaulting in recent years due to the pandemic and the resultant shrinking of export orders.