COVID-19 highlighted supply chains should not be based only on cost but also trust: Piyush Goyal
New Delhi [India], September 29 (ANI): Union Commerce and Industry Minister Piyush Goyal said on Wednesday that COVID-19 has highlighted that supply chains should not be based only on one factor that is cost, but also trust.
Addressing the 4th Annual Leadership Summit for US-India Strategic Partnership Forum (USISPF) virtually, Goyal said that no two economies and sets of people have the kind of synergy, brotherhood, respect for rule of law, concerns for the lesser privileged like the US and India.
He said the effort is to make India produce high-quality products at competitive prices in areas of strength to become a larger player in global markets.
"COVID-19 has highlighted that supply chains should not be based only on one factor that is cost, but also trust. India has democracy, demography, demand and diversity," he said.
"India's geography gives the unique advantage of connectivity to Europe, Middle East, Africa and East Asia. To build resilience in the economy, PM Narendra Modi announced Atmanirbhar Bharat Abhiyan," he added.
The minister clarified that the Atmanirbhar Bharat Abhiyan is not about closing India's door to the world or engagement with the world.
"It is about opening our door bigger and wider. There are lots we have to offer, lots we have to lean absorb and bring in from developed countries and like-minded countries on a fair reciprocal and the equitable bases," he said.
He said that the Atamanirbhar Bharat rests on five Is-- Intent, Inclusion, investment, infrastructure and innovation.
"The effort is to make India produce high-quality products at competitive prices meeting global standards truly in areas where we have the strength or the competitiveness becoming a larger player in global markets," he said.
"It may not happen in all businesses but we certainly believe that there is a lot of potential in several sectors," he added.
On India-US ties, Goyal said that the relations between the two countries have come a long way.
"India and the US must be looking at a trillion-dollar trade in the next 10 years," he said. (ANI)
