Commerce Minister expresses concern over ‘excessive dependence’ on international supply chains in WEF
Commerce Minister expresses concern over ‘excessive dependence’ on international supply chains in WEF
Commerce and Industry Minister Piyush Goyal said in Davos, Switzerland that Indian industry should strengthen the domestic supply chain by supplying local supplies. Speaking at the ‘Breakfast Session Discussion on Trade 4.0’ at the World Economic Forum (WEF), Mr Goyal said that despite challenges such as the pandemic and the Ukraine conflict, there is great optimism globally towards India.
Mr Goyal expressed concern over the “excessive reliance” on international supply chains and asked businesses to procure locally “whenever there is an opportunity”.
The minister pointed to a number of factors such as COVID-19, semiconductor chip shortage, Ukraine crisis and resultant commodity shock, container shortage and logistics issues, which have been affecting business globally for the past two years. . However, he praised Indian businesses for showing “great resilience” and achieving exports worth $421.8 billion despite difficulties.
Shri Goyal said that every Indian diplomatic mission has been entrusted with the responsibility of supporting Indian industry. “Every mission, every office, every officer is now ready to stand up for Indian businesses and this will lead to Trade 4.0,” he said.
The senior minister, who is leading the Indian delegation in Davos, said that the government is focusing on reducing logistics cost through initiatives like PM Gatishakti, and better infrastructure for implementation and implementation of projects on time and within budget. .
He assured that the Government of India is committed to enable India to play a leading role in global trade, and asked investors to invest in India.