Commerce and industry minister Piyush Goyal on Friday urged the industry to invest in innovations to enhance its competitive edge. Speaking at the 92nd annual general meeting of FICCI on the roadmap for India to become a $5 trillion economy, the minister said continuous dialogue between the government and the industry is essential to remove the concerns of the industry.
India’s investment in research and development is hovering around 0.6-0.7% of the country’s gross domestic product. This is way below what industrialised nations such as the US (2.8), China (2.1), Israel (4.3) and Korea (4.2) spend, the minister said.
There is a need to go to the root cause of the problems faced by the industry to arrive at sustainable solutions that will create a conducive environment for the industry to thrive. The industry should help the government to take forward the India growth story, he said.
The government is ready to back the industry by implementing systemic solutions that will cut litigation, speed up patent registration and improve regulatory environment. The minister said he is reviewing India’s free trade agreements and examining the non-tariff barriers against India’s exports.
The government will ensure that the industry do not face harassment by government functionaries at the Centre and states, Goyal told members of ASSOCHAM which is celebrating its centenary this year. He asked the industry body, which has more than 4 lakh members, to give constant feedback to help the central and state governments to remove roadblocks for entrepreneurship.
The Indian Railways will spend $700 billion through joint ventures and collaborations to improve its infrastructure and reach all parts of the country in the next 12 years, said the minister who is also holding the charge of railways.