New Industrial Parks & Mega Textile Parks at Anvil to Boost Economic Growth: Piyush Goyal

New Delhi, July 31 (KNN) Commerce and Industry Minister Piyush Goyal on Tuesday announced that the government plans to set up 12 new industrial parks across the country and five to six large textile parks, in a major step to revive India’s industrial sector.

Addressing a conference organised by the Confederation of Indian Industry (CII), Goyal urged the private sector to leverage these initiatives.

The Minister underscored the government’s commitment to reducing compliance burdens and decriminalising regulations for businesses. He called on industry leaders to help identify policies and compliance issues that hinder businesses.

Reflecting on the government’s achievements over the past decade, Goyal pointed to several key economic indicators. He noted a doubling of GDP and more than doubling of foreign exchange reserves.

He further highlighted the significant reduction in the current account deficit. These improvements, according to Goyal, demonstrate the transformative impact of effective governance on the Indian economy.

The Minister also noted the growing interest of the international community in concluding free trade agreements (FTAs) with India, which is a sign of the country’s growing economic position in the world.

Goyal predicts that India’s economy could reach $35 trillion by 2047, driven by a young and ambitious population.

Goyal outlined several principles that guide the government’s approach, including: minimum government, maximum governance, skill development, speed and scalability, transparency and digitization.

He stressed that the government places emphasis on monitoring, setting priorities and ensuring timely and cost-effective implementation of projects.

In a similar speech, Jayant Chaudhary, Minister of State for Skill Development, Entrepreneurship and Education, lauded the latest Union Budget for its forward-looking approach.

He emphasised the importance of creating an ecosystem that makes skill acquisition desirable for young Indians and highlighted the government’s efforts to facilitate this transformation.

Chaudhary acknowledged that the transition to a knowledge-based economy comes with challenges, but expressed optimism about India’s progress, pointing to key factors supporting the change.

As India continues its economic development, initiatives in the manufacturing and textile sectors, coupled with an emphasis on skill development and entrepreneurship, are poised to play a key role in shaping the country’s economic future.

(KNN Office)