Goyal criticises India Inc for prioritising small gains over national interest

Goyal to India Inc: Commerce and Industry Minister Piyush Goyal on Tuesday criticised India Inc for neglecting national interest in favour of minor gains.

Speaking at CII's Viksit Bharat programme, Goyal expressed disappointment that many industries are opting for imported goods over domestically produced items, disregarding the impact on foreign exchange reserves for the sake of small savings.

The minister pointed out that while domestic players demand duty concessions in free trade agreements (FTAs), they are reluctant to offer market access to other countries. He highlighted the contradiction, stating, “The Indian industry always seeks protection. Then how will we do FTA with the UK and with the European Union (EU)?”

Goyal questioned the industry's stance: “The industry states that 'do not give duty concessions in India, but allow us to export at zero duty to the UK and the EU.' Is this the way FTAs happen? What is the cooperation from your side?”

He criticised the industry's approach to imports: "When I appeal to you to buy goods made by Indian firms, you say you save money from importing." He emphasised that the industry does not consider India's foreign exchange reserves, treating it as solely the responsibility of the government and the Reserve Bank of India.

"I think you make up your mind," Goyal urged.

Citing the example of the Steering Committee on Advancing Local Value-add and Exports (SCALE), Goyal noted the low participation from the industry in these meetings. "So you tell me, how we will bring changes?" he asked.

The minister's comments underscore the need for greater cooperation and commitment from Indian industries towards supporting domestic production and contributing to the national economy.

(With PTI inputs)