Manufacturing, semiconductor, Infra some priority sectors:Goyal

Union Minister for Commerce and Industry Piyush Goyal has  expressed confidence that the structural reforms taken by the Government in last 8 years will help India emerge among the top three developed economies in the world. The theme of Saturday’s event was India leading innovation in the age of uncertainty. In his virtual address on the occasion of 27th Wharton India Economic Forum, the Minister termed Goods and Services Tax as a major reform. He said that the country has now become a more honest and transparent economy.. Goyal also highlighted infrastructure, Semiconductor and Domestic manufacturing sectors as some of the major strategic priority economic sectors of the country.

The Minister also highlighted that due to Prime Minister Narendra Modi's intervention, world economies were able to find an outcome at the G20 meeting in Bali and hoped that it would help in finding solutions to the Russia-Ukraine war. He recalled the country's struggle during the COVID-19 pandemic and said that yet the Indian industry rose to the occasion and became the manufacturer of personal protective equipment. Speaking on challenges and opportunities for the next 25 years, Goyal said that changing the mindset of the nation to recognize and value the importance of quality is going to be one of the biggest challenges.

Speaking on the most impactful economic reforms that will pave the way for India’s growth story in coming years, Goyal said structural changes had a significant impact on the way the Indian economy is poised to take off. He spoke of GST as one of the important reforms and highlighted that despite the challenging global scenario, recent GST collections have been very robust