New Delhi, Dec 3 (NationPress) Union Commerce and Industry Minister Piyush Goyal emphasized on Wednesday the critical role of innovation, quality, design, sustainability, and efficiency as fundamental components for enhancing India's manufacturing competitiveness.

During his speech at the IndiaEdge event organized by the Confederation of Indian Industry (CII), the minister praised the recent upward trends in agriculture, services, and manufacturing sectors, noting that India's manufacturing output is evolving into new domains such as electronics, white goods, chemicals, and petrochemicals.

He stressed the necessity for industries to remain competitive and adaptable to global changes, stating that recent disruptions have highlighted the need for resilient supply chains. He warned against excessive reliance on specific regions and pointed out the importance of establishing areas where domestic capacity and control over supply chains are crucial.

According to Goyal, collaboration within the industry is essential for boosting manufacturing output, which in turn will catalyze growth in services. As India fortifies its footprint in international markets, it must also maintain openness to competitive practices domestically, he added.

The minister observed that numerous states, including Uttar Pradesh and Odisha, have experienced rapid development in recent years, creating more local opportunities and decreasing migration rates.

He urged the industry to present suggestions for simplifying processes, enhancing regulatory frameworks, and bolstering the manufacturing landscape.

Goyal further mentioned that the government, under Prime Minister Narendra Modi's leadership, is operating with a clear vision to advance the nation’s economic growth.

He acknowledged ongoing government initiatives aimed at easing compliance, eliminating outdated regulations, and modernizing legal frameworks, including the rollout of the four Labour Codes. He noted that 23 states have established corresponding rules, which will facilitate formalization, ensure minimum wages, and strengthen social security and workplace safety.

Moreover, the minister highlighted the significance of timely payments to MSMEs, asserting that prompt settlement of dues would greatly alleviate cash flow issues and foster MSME productivity and expansion.

He reiterated the long-standing national focus on Swadeshi and self-reliance, emphasizing their importance in enhancing domestic manufacturing capabilities.

"The collaborative efforts of both the industry and government will be crucial in realizing the vision of Atma Nirbhar Bharat and achieving the national objective of Viksit Bharat 2047," Goyal concluded.