Indian commerce and industry minister Piyush Goyal has asked the industry to procure locally wherever possible so that domestic supply chains are fortified and become more resilient and the tendency to excessively depend on international supply chains is curbed. He said this while addressing the ‘Breakfast Session Discussion on Trade 4.0’ in Davos yesterday.

Expressing concern over the excessive dependence on international supply chains, he urged the Indian industry to boost value-added exports and ensure new jobs came into India instead of raw materials going out of India. The minister said the government is striving to ensure orderly behaviour of prices and ensure that businesses add value and jobs.

Indian commerce and industry minister Piyush Goyal has asked the industry to procure locally wherever possible so that domestic supply chains are fortified and become more resilient and the tendency to excessively depend on international supply chains is curbed. He said this while addressing the ‘Breakfast Session Discussion on Trade 4.0’ in Davos yesterday.

Goyal also holds the portfolios of consumer affairs, food and public distribution and textiles.

Despite constraints like COVID-19, chip shortage, conflict, rising commodity prices, container shortages and significant shipping and logistics issues, Indian businesses had displayed great resilience, overshooting export targets, he said.

He expressed confidence that India can achieve a target of $1 trillion worth of merchandise and services export each by 2030 with teamwork.

He said India had taken a series of strict measures to tame inflation, keep interest rates under control and rein in rupee depreciation so that growth and prosperity are not affected, according to an official release.

Fibre2Fashion News Desk (DS)