Goyal slams India Inc for focusing on small gains

New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday took to task India Inc for ignoring national interest for small gains. He regretted that many industries have not been buying made in India products, unmindful of impact of such imports on foreign exchange for small gains. The minister said the domestic players seek duty concessions in free trade agreements (FTAs) but they are not ready to give market access to other countries.

The Indian industry always seeks protection, he said, adding, "Then how will we do FTA with the UK and with the European Union (EU)?" The industry states that "do not give duty concessions in India, but allow us to export at zero duty to the UK, and the EU. Is this the way FTA happens? What is the cooperation from your side?" he asked. "When I appeal to you to buy goods made by Indian firms, you (industry) say you save money from importing," he said.

The industry does not think about India's forex reserves as if it is the only responsibility of the government and the Reserve Bank of India, the minister said. "I think you make up your mind," Goyal said. Citing example of meetings of Steering Committee on Advancing Local value-add and Exports (SCALE), he said the industry participation in meetings are low. "So you tell me, how we will bring changes," he asked. The minister was speaking at CII's Viksit Bharat programme.