Production-linked incentives will help India become strong, self-reliant: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal said on Wednesday the production-linked incentives approved by the cabinet for 10 key sectors will help India in becoming strong, self-reliant and meet domestic needs as well as export.

He invited the global investors to invest in India, taking benefit of the huge domestic market, and conducive business environment in the country.

In his keynote address at a conference ‘India: Drivers of Change’ organized by the Bank of America, he said that the country offers fair value for their investments.

India was being seen as a trusted partner in the global value chains. It has a transparent system and open democracy, Goyal said, adding India was targeting to achieve rightful place in the comity of nations.

He said the government was working as a team, breaking departmental silos and bold decisions were being taken to empower the businesses to think big, bold, and explore unchartered territories and businesses.

“The production-linked incentives will help India become strong, self-sufficient, self-reliant, and meeting our domestic needs as well as for exporting.” the minister said, adding the government will do the hand-holding for these sectors over the next five years.