The Government is planning to build five or six megatextile parks in addition to twelve new industrial parks around the nation, according to Minister of Commerce and Industry Piyush Goyal.
He pushed for the private sector to benefit from these measures. The Minister vowed to lower compliance burdens and decriminalise laws that affect businesses while speaking at a conference hosted by the Confederation of Indian Industry (CII). He also requested business leaders to assist the Government in identifying policies and compliance concerns that firms face.
Goyal underlined that concessions in the US $ 100 billion India-EFTA free trade agreement signed by Prime Minister Modi are conditioned on investment. He called for industry collaboration to expedite free trade agreements and make the most of Quality Control Orders (QCOs) while simultaneously elevating industry standards.
“QCOs will help with better market share and ensure that substandard goods don’t flood the market”, the Union Minister said.
In addition, he asked industry participants to share ideas on how to streamline processes, procedures, and compliance burdens. He also urged them to use the Rs. 1 lakh crore “Anusandhan Fund” for research and development that is led by the private sector.
