Piyush Goyal Unveils Key Developments in India's Manufacturing Sector
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 a surge in manufacturing and foreign direct investment (FDI) inflows.
Manufacturers in the semiconductor and electronics sectors 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 those 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 noted the removal of mandatory testing and certification requirements.
"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% during this timeframe, totaling $19.04 billion, significantly boosting 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 advancement for horticultural exports and a substantial opportunity for farmers to enhance their earnings.
The first commercial shipment of premium cherries from Jammu and Kashmir has been sent to Saudi Arabia and the UAE, opening up a vast market for farmers to sell their products and increase profits.
The Production Linked Incentive (PLI) scheme has proven to be transformative for India's manufacturing landscape.
"This scheme supports 14 different sectors across various industries, leading to numerous success stories since its inception in 2020, making India more competitive globally, boosting exports and production, and creating significant employment opportunities," Goyal concluded.