Need to build on success of PLI schemes, recent FTAs, PPP governance model: Piyush Goyal

Commerce and industry minister Piyush Goyal on Tuesday asked senior government officers to build on the success of schemes such as the production-linked incentive (PLI) scheme, recently signed trade agreements (FTA) and focus on the public-private partnership (PPP) model of governance.

He was convening a review meeting after taking charge of the ministry for the second term, with senior officers from the commerce and industry department where commerce secretary Sunil Barthwal and Department for Promotion of Industry and Internal Trade secretary Rajesh Kumar Singh presented a brief on the ongoing proposals and action items of the ministry, according to an official statement.

India has inked trade pacts with Mauritius, the UAE, Australia and the European Free Trade Association (EFTA) since 2021 and is negotiating trade pacts with the UK, the EU, Peru, Eurasian Economic Union and a comprehensive trade deal with Australia.

Goyal said that there is a need to introspect and coordinate better between departments and emphasised the importance of research and development and strengthening the public-private partnership (PPP) model of governance.

He said that the Steering Committee on Advancing Local value-add & Exports (SCALE) Committee and PLI schemes must be utilised to their full potential to boost exports and domestic production.

The minister further said that the timely sharing of data and transparency in exports and imports will encourage investors to invest more confidently. India is positioned in a sweet spot, and it is the right time to convert our challenges into opportunities, he said.