Union Commerce Minister Piyush Goyal has called upon Indian industry and multinational corporations (MNCs) to move beyond viewing the country solely as a market. He urged them to establish bases for manufacturing, design, and innovation, and to leverage India for global supply chains and exports. Speaking at the Citi India conference, Goyal emphasized that the world sees India as the only credible alternative—a manufacturing hub, a trusted partner, and a safe investment destination. He highlighted growing global confidence in the country's potential.
India's Growth Story Rooted in Scale
Goyal stressed that India's growth story is built on scale and long-term opportunity. He noted that India is recognized as the world's fastest-growing economy and assured attendees that the country will maintain this status for over two decades. Citing examples like Hyundai and JCB, which started small in India but expanded into major exporters, he remarked, "Both Hyundai and JCB bet on substance over noise." He added that India now enables manufacturing at scale, serving not only 1.4 billion Indians but billions worldwide.
Reforms and Ease of Doing Business
The minister emphasized the government's reform agenda to improve the ease of doing business. He pointed out that nearly 1,000 offenses were decriminalized through the Jan Vishwas Act, reflecting a mindset where the government trusts businesses just as businesses trust the government. In a direct call to global investors and businesses, Goyal declared, "India is not merely a market; it is a growing large market. India will be your base," and added that it will help businesses grow from assembly to innovation and design in India.
Goyal's remarks underscore India's ambition to transform from a consumption-driven economy into a global manufacturing and innovation powerhouse, inviting partners to co-create value rather than just sell products.
