October 4, 2020
1 min read

‘India needs to move beyond raw material export’

Union minister Piyush Goyal has said that India needs to move beyond exporting raw materials and improve its manufacturing capabilities to supply high-quality products to the world.

He said that ‘Aatmanirbhar Bharat’ effectively is all about building Indian capabilities, quality, scale, implementing good manufacturing practices, bringing best of technologies along with improving the standards that Indians expect in India.

Goyal said in a video posted on his Twitter handle that India will have to identify areas in which it can excel and become a major global supplier.

“We will have to identify areas where sensible policies can help us get there. As the Prime Minister said on August 15, look at areas where we need to create value…where we can go beyond exporting raw materials,” the minister said.

Elucidating his stress on exporting more of finished products compared to raw materials he said that China’s production of steel is way higher than India and it imports iron ore from India, although it has its own reserves.

“India at 100 million tonnes of steel, China at 800 million tonnes of steel and even then I think we are the second largest manufacturer. Look at the gap and we are exporting iron ore to China,” he said.

“I am told China has iron ore but they are conserving it. Can we think of some smart options?”

He also said India can provide a “true partnership” to the world in terms of supplies and make the global supply chain more resilient and foolproof.

Also Read: Tesla to enter India next year

Also Read: India’s merchandise exports grow over 5% in Sep

Previous Story

UK, EU agree to intensively bridge gaps

Next Story

Jadeja achieves rare all round feat in IPL

Latest from Business

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an
Go toTop