'Look at India as a base and not just a market': Piyush Goyal

MUMBAI: Union commerce minister Piyush Goyal has called upon Indian industry and MNCs to move beyond seeing the country as a market. He urged them to create bases for manufacturing, design & innovation, and use India for global supply chains and exports. He sought their engagement with India as a co-creator of value and not just as a destination.

Speaking at the Citi India conference, Goyal said the "world is looking at India as the only credible alternative, as a manufacturing hub, as a trusted partner, as an investment destination which is safe," underlining growing global confidence in the country. He stressed that India's growth story is rooted in scale and long-term opportunity, noting that "India is recognised as the world's fastest growing economy" and adding, "I have no hesitation in assuring all the friends at the India Conference that India will continue to be the world's fastest growing economy for over two decades into the future."

Citing the examples of Hyundai and JCB which started small in India but have expanded to become major exporters, Goyal said, "Both Hyundai and JCB bet on substance over noise." He added that India now enables "manufacturing at scale serving not only 1.4 billion Indians, but billions across the world."

He emphasised govt's reform agenda to improve ease of doing business, noting that "we decriminalised nearly a thousand offenses" through the Jan Vishwas Act, reflecting "the mindset when a govt trusts businesses just as businesses trust govt."

In a direct call to global investors and businesses, he said, "India is not merely a market and it is a growing large market. India will be your base," adding that it "will help you grow from assembly to innovation and design in India."