Industry should not rely on subsidies: Piyush Goyal

New Delhi: In order to make our industry truly competitive and self-reliant, Commerce and Industry Minister Piyush Goyal on Thursday said that industry and exporters should not depend on government subsidies and instead focus on becoming competitive. However, he also emphasised on the need to increase industry strengths, which would help in boosting manufacturing and exports.

"I do not think that any programme or ambitious scheme can run only on subsidies and government help. We have to move out of this continuous effort and demand. And make our industry truly competitive and self-reliant," he said, while addressing members of the Board of Trade and the Council of Trade Development and Promotion here.

"My own experience in the last five years is that wherever we have done away with subsidies, industry and business have progressed, grown and prosper," Goyal added. As far as country's exports is concerned, India grew by 9 per cent to $331 billion in 2018-19. Accepting strengths that would help in achieving the target of reaching $1 trillion exports in merchandise and $1 trillion in services in the next five years, he said that India could become an internationally integrated economy.

"Industry and other stakeholders need to collectively work and use available tools to make logistics and industrial growth competitive. I understand that there are issues where we are not as competitive as compared to other countries. Let us go to the root of those problems and sort out issues," he added.

Looking forward to some new trend in the economy, he said, "Let us look at the next five years as one more way, one more new trend that we observe in this country, one more effort that we make to engage with the world on equal terms and not from the position of weakness but from a position of strength. Let us leverage our competitive advantages."