Ramp up local procurement: Goyal

Addressing the “Breakfast session Discussion on Trade 4.0” in Davos, Switzerland, Commerce and Industry Minister, Piyush Goyal, has urged Indian industries to boost local procurement wherever there is a need so that domestic supply chains can be made firm and more flexible. This will reduce the dependency of local companies on the international supply chains. 

 The minister also called on India Inc to look at boosting value-added exports and ensure that “new jobs come into India instead of raw materials going out of India”. He further stated and invited investors to set up shop or expand in India “Come to India and grow with India because India is the future”. He asserted that the government is striving to make certain that there is orderly behaviour of prices and ensure that businesses add value and jobs in the country.

To increase the country’s overall export, the need for the hour is that there should be more focus on the service sector export. In FY22, service sector export saw a record of US$254 billion.