Union minister of commerce and industry Piyush Goyal has said that sustainability should be the hallmark of the Indian consumer electronics industry.
He was addressing Consumer Electronics and Appliances Manufacturers Association (CEAMA) 43rd Annual Function ACE Dialogues 2022 in New Delhi.
The minister congratulated the Award winners and appreciated the industry for their passion and commitment to contributing to India’s growth story and taking it towards the path of a self-reliant and self-confident economy. He particularly lauded the LED manufacturers for their contribution to India’s LED success. He said that the entire nation adopted LED, and highlighted that India was able to roll out LED bulbs to the length and breadth of the country in just four years.
Addressing the gathering, he said, “India with 1.4 billion people today provides the largest market opportunity available anywhere in the world. This is the calling card because of which world wants to engage with India today. They recognise that India offers a huge opportunity in terms of market.”
Goyal highlighted that developed countries of the world are now keen to sign free trade agreements or comprehensive economic partnerships with India. India’s vibrant startup ecosystem and innovation are attracting the world to come and set up operations in India.
He informed that free trade agreement (FTA) negotiations are underway with the UK, Canada, EU, and Israel and one more important FTA will be launched next week with Gulf Cooperation Council (GCC).
The Union minister further said the government’s focus has been to promote manufacturing in India, adding that the government has made significant structural changes to the Indian economy and cited ease of doing business, improvement in Global Innovation Index rankings and success of schemes like production linked incentive scheme.
Goyal said, “Remarkable growth in the mobile industry from two manufacturers to nearly 200 manufacturers is a living example of success.”