Goyal Stresses Global Trade for India's Growth and Development

Union Minister Piyush Goyal underscored the necessity of international trade for India's development at the IMC Bharat Calling Conference. He highlighted the need for MSME support, caution against substandard imports, and the benefits of the LED revolution, while advocating for skill development and public welfare initiatives.

Union Minister of Commerce and Industry Piyush Goyal highlighted the pivotal role of global trade in India's quest for economic growth and development during the inaugural session of the IMC Bharat Calling Conference. Goyal asserted that India's path to becoming a developed nation is contingent upon active participation in international trade and competitiveness.

Goyal emphasized the necessity of preventing India from becoming a dumping ground for substandard goods and predatory pricing, which can undermine domestic manufacturers. He further called for a robust support system for micro, small, and medium enterprises (MSMEs), suggesting that a cooperative ecosystem involving larger companies could spearhead a significant quality revolution within four to five years.

The Minister reminisced about his involvement in India's LED revolution, highlighting its impact on reducing energy consumption by 80-90%, thereby saving billions of dollars in customer bills and advancing brighter, more efficient lighting nationwide. Additionally, Goyal stressed the importance of public welfare, skill development, and talent-building, referencing the need to alleviate generational debt and provide accessible housing for all citizens.