NEW DELHI: Commerce and Industry Minister Piyush Goyal on February 21 asked the electrical industry to set and work towards a big export target as the sector holds huge potential for growth.
The industry has reached USD 10 billion in exports and aims to reach USD USD 25 billion in the following five years. But this performance has made me both incredibly thrilled and sad. "Ye Dil Mange More" ( This heart desires more)...India is proud of its electrical industry around the world. The world should now serve as our stage. During a gathering of the electrical sector, Goyal remarked, "We should not just organise exhibitions in impoverished countries but also in the developed part of the world.
Goyal urged that the sector organise exhibitions in the US, Europe, and other nations. "We should enter the major markets right away to establish our presence and demonstrate our high calibre standards around the world. We must demonstrate to the rest of the world that India is a trustworthy and dependable partner for all of their energy needs," he said.
The minister added that quality control regulations will protect the sector from unfair competition brought on by the importation of low-quality items.
In terms of quality consciousness, he urged businesses to assist and support smaller businesses.
On February 18, Goyal interacted with Startup founders and students during the North East Entrepreneurs Dialogue-Accelerating the Startup Growth Engine at Sikkim Manipal Institute of Technology in Majhitar, Sikkim, where he said Shri Goyal shared the IT sector’s success story in India without any significant government intervention.
He also pointed out that following the removal of subsidies, the LED bulb industry in India expanded from selling 6 lakh units annually before 2014 to selling around 6 lakh units on a daily basis, besides reducing per-unit costs drastically. Citing this example, he also urged entrepreneurs to focus on the scale of production.
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