Goyal Aims to Enhance PLI Scheme and Boost Exports in Second Term as Commerce Minister

Union Commerce and Industry Minister Piyush Goyal emphasized the need to expand on successful initiatives such as the productivity-linked incentive (PLI) scheme and recent foreign trade agreements (FTAs) to enhance domestic manufacturing and exports, thereby creating more jobs in the country.

On Tuesday, after beginning his second consecutive term, Goyal held a review meeting with senior officials from the Ministry of Commerce and Industry. During the meeting, the Commerce Secretary and the DPIIT Secretary provided an overview of ongoing proposals and action items. Minister of State for Commerce and Industry Jitin Prasada was also in attendance.

Goyal stressed the necessity of continued collaboration and directed officials to schedule a series of detailed meetings in the coming days to finalize various policies and action items. He highlighted the importance of introspection and better coordination between departments, emphasizing research and development (R&D) and strengthening the public-private partnership (PPP) model of governance. Additionally, he urged officials to prioritize integrity, speed, skill, and scale.

The minister called for the full utilization of the Steering Committee on Advancing Local Value-Add & Exports (SCALE) and PLI schemes to boost exports and domestic production. Reflecting on his previous term's achievements, Goyal mentioned the increase in overall exports, the signing of various FTAs, and the substantial inflow of Foreign Direct Investment (FDI) into the country.

With a renewed commitment to driving economic growth and fostering international trade, Goyal expressed his ambition to lead the Ministry of Commerce and Industry to new heights, ensuring India's progress remains steady and inclusive. He also urged ministry officials to make quality their guiding principle, noting that timely data sharing and transparency in exports and imports will encourage more confident investments.

Goyal concluded by stating that India is well-positioned to turn current challenges into opportunities, indicating an optimistic outlook for the future.