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

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

India Bats for Fairer Global Finance: FM Sitharaman

FM Sitharaman stated that we believe that optimal regulation fosters innovation and stability….reports Asian Lite News India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development

EVs Drive Cleaner Cities

Each EV is equipped with GPS tracking for real-time monitoring and efficiently serves the city’s 159.46 square kilometre area The use of electric vehicles (EVs) in household waste collection is ushering in
Go toTop