Industrial Overhaul: Timely Incentives and Quality Control Key to Growth

Union Minister Piyush Goyal emphasized the need for states to promptly disburse industrial incentives and simplify laws to attract investments. He highlighted the success of quality control orders in curbing substandard imports, advocating for superior-quality products and sustainable practices, as well as free trade agreements with developed nations.

Union Minister Piyush Goyal on Tuesday emphasized the importance of promptly disbursing industrial incentives, addressing concerns regarding delays by some states. He urged states to simplify laws related to labor, shops, and environment to enhance their appeal to investors at the Udyog Samagam 2025 conference.

Goyal advocated the establishment of third-party mechanisms for effective implementation and monitoring of incentives to ensure timely disbursement, thus maintaining industry confidence. He emphasized the role of quality control orders (QCOs) in reducing imports of substandard goods and promoting domestic manufacturing, citing successes in sectors like toys and plywood.

The minister stressed that sustainability, quality, and ease of doing business are crucial for manufacturing. He called for a focus on eastern and northeastern states to boost economic growth and highlighted efforts to establish free trade agreements with developed nations. The conference also celebrated top achievers in various reform areas under the Business Reforms Action Plan 2024.

(With inputs from agencies.)