India Unveils Ambitious Plans for New Industrial and Textile Parks

India's government announces plans for 12 new industrial parks and 5-6 mega textile parks. Commerce Minister Piyush Goyal encourages the private sector to seize these opportunities. The government's initiatives aim to drive economic transformation, focusing on governance, skill development, and innovation.

The Indian government is set to establish 12 new industrial parks nationwide, with an additional 5-6 mega textile parks in the pipeline, Commerce and Industry Minister Piyush Goyal revealed on Tuesday. He called on the private sector to capitalize on these initiatives.

Addressing a conference organized by the Confederation of Indian Industry (CII), Goyal urged industry leaders to help the government identify policy and compliance challenges, offering to ease compliance burdens and decriminalize certain business laws. Highlighting the government's achievements over the past decade, he noted significant economic transformations.

"The GDP has doubled, foreign exchange reserves have more than doubled, and the current account deficit has decreased substantially, showcasing the impact of effective governance," Goyal stated. He added that numerous countries are eager to establish Free Trade Agreements (FTAs) with India and enhance bilateral relations.

Goyal projected that by 2047, India would emerge as a USD 35 trillion economy, driven by the country's young and ambitious populace. The government's strategy is anchored on principles such as minimal governance, skill development, speed, scalability, transparency, and digitization.

Moving forward, Goyal emphasized the importance of monitoring and prioritizing projects to ensure timely and cost-effective execution, positioning India as an outcome-focused nation ready to tackle future challenges. Jayant Chaudhary, Minister of State for Skill Development and Entrepreneurship and Education, remarked that the Union Budget is forward-looking, highlighting entrepreneurship, youth, education, and skills development.

Chaudhary underscored the need to create a vibrant middle class and an innovation-driven economy. Drawing a comparison, he noted that while South Korea took 15 years to transition to a knowledge economy, India, given its complex legacy systems, might take longer. Nevertheless, he affirmed that India is making progress with key drivers. (ANI)

(With inputs from agencies.)