More Stories

Informist, Thursday, Feb. 27, 2025

 

MUMBAI – Internationalisation of the economy and making Indian businesses competitive on the global scale is important to acheive the aim of becoming a developed nation by 2047, Commerce and Industry Minister Piyush Goyal said at the IMC Bharat Calling Conference 2025 on Thursday.

 

"I believe today, unless we look at internationalising our economy, unless we look at global engagement, unless we look at international trade in a big way, unless we open our mind, our heart, and our business to world competition, India cannot become a developed nation," Goyal said.

 

He stressed the importance of producing better quality products as one of the enablers to make India a developed nation. While India had lost multiple opportunities in the past becasue of not paying attention to producing as well as consuming quality goods, today, the country was at the cusp of quality revolution, he said. It could receive a further boost if "we all accept and we all ensure that we will ourselves adopt only good quality (products), and we will make sure that our ecosystem is trained to work towards good quality. I think that will be one of the biggest enablers", Goyal said.

 

In order to ensure manufacturing of good quality products, a lot more quality control orders were needed, he said. Such regulatory measures, which the government prescribes to ensure quality standards in specific products, introduce a certain minimum quality of performance before they are manufactured and sold anywhere.

 

"We give a longer rope to MSME sector, particularly micro and small. But if we hand-hold each other, support the ecosystem, the larger companies playing a bigger role, we can actually in the next four-five years see a huge quality revolution coming our way," Goyal said.  End

 

Reported by Sourabh Kumar

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.