Govt Initiatives Have Boosted Manufacturing: Goyal

Commerce & Industry Minister Piyush Goyal has said that initiatives like the production-linked incentives (PLI) scheme, the government’s efforts towards ease of doing business (EoDB) through free trade agreements (FTAs), and economic partnerships have boosted India’s manufacturing growth story. The nation’s efforts to promote agri-value chains can support the initiatives between India and Mediterranean countries, he added.

He was speaking at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 in New Delhi. The India-Middle East-Europe Economic Corridor (IMEC) is an important initiative that can add to India’s maritime security and faster movement of goods between Europe and Asia, he said.

The IMEC, launched during India’s G20 presidency, aims to integrate India, Europe, the Middle-East (through UAE, Saudi Arabia, Jordan and Israel), and the European Union. Lower logistics cost, faster connectivity, and secure movement of goods are dependent on better cooperation in this area, Goyal said.

He suggested that the government should have a working group on tourism between the nations of the Mediterranean and India as there is a huge potential for cooperation and mutual benefit. He said that India offers a large market for the Mediterranean goods and services given the close connection both the nations have shared over the decades.

India and Mediterranean countries have a huge common interest in the shipping sector, the Minister said, adding that the government sees a huge opportunity in developing ports and has doubled the port capacity in the last decade.