Piyush Goyal Unveils Key Developments in India's Manufacturing and Export Sectors

Significant Updates from the Commerce Ministry

New Delhi: On Wednesday, Piyush Goyal, the Minister of Commerce and Industry, highlighted several significant achievements from his ministry over recent weeks, including strong growth in manufacturing and an increase in foreign direct investment (FDI).

Those involved in semiconductor and electronics manufacturing have reason to celebrate.

Goyal announced on the social media platform X that reforms in Special Economic Zones (SEZ) have been implemented to encourage investment and manufacturing. The land requirement for establishing a factory has been reduced from 50 hectares to just 10 hectares. Additionally, manufacturers can now supply products domestically after paying the necessary duties.

In a positive development for leather exporters, particularly in the MSME sector, restrictions on exporting finished, wet blue, and EI tanned leather have been lifted, allowing exports from any port or Inland Container Depot nationwide.

The minister also mentioned that mandatory testing and certification requirements have been eliminated.

"India is solidifying its status as a top global investment hub, with FDI inflows reaching $81.04 billion in FY 2024-25, marking a 14% increase from the previous year. Manufacturing FDI has surged by 18%, totaling $19.04 billion, significantly benefiting the 'Make in India' initiative," Goyal stated.

An all-women Farmers’ Producer Company in Odisha has successfully exported their renowned Amrapali mangoes to Italy, which Goyal described as a major boost for horticultural exports and a significant opportunity for farmers to enhance their earnings.

The first commercial shipment of premium cherries from Jammu and Kashmir is now heading to Saudi Arabia and the UAE, opening up a vast market for local farmers.

The Production Linked Incentive (PLI) scheme has proven transformative for India's manufacturing landscape.

"This scheme supports 14 different sectors and has led to numerous success stories since its inception in 2020, enhancing India's global competitiveness, boosting exports and production, and creating substantial job opportunities," Goyal concluded.