Piyush Goyal Urges Indian Industry to Embrace Self-Reliance Amid Import Challenges

Commerce and Industry Minister Piyush Goyal raised concerns on Tuesday about the tendency of domestic industries to opt for cheaper imports rather than supporting homegrown businesses.

During a steel conclave, Goyal underscored the need for a culture of mutual support within industries, starting with steel, to lead by example for other sectors.

He also addressed strategies to mitigate the impact of the EU's Carbon Border Adjustment Mechanism, which will impose taxes on high carbon emissions from sectors like metals and fertilizers.

Highlighting a need for self-reliance, Goyal remarked on Japan and Korea's preference for domestic produce despite India's trade agreements with them, urging the Indian industry to reassess its import dependency.

The minister cautioned about the global lessons learnt from supply chain disruptions due to export restrictions on essential materials, urging Indian industries to bolster domestic capabilities.

Goyal cited recent instances where industry failed to support domestic met coke producers, despite government-imposed safeguards favoring them.

Emphasizing the urgent need for self-reliance, he warned against neglecting domestic producers in favor of cheaper foreign alternatives.

Highlighting opportunities in shipbuilding and construction, Goyal pointed to policy efforts underway to increase competitiveness and decrease reliance on imported capital goods.

The minister mentioned ongoing collaborations with various ministries to reinforce domestic capabilities and integrate crucial concepts like 'melt and pour' in future trade agreements to safeguard local industries.

(With inputs from agencies.)