Commerce Minister Piyush Goyal calls global disruption a wake up call for India to reduce import dependence. He urges domestic industry to boost productivity and make sharper use of trade agreements, arguing that self reliance will strengthen the economy. He also flags electric vehicles and advanced technologies like AI as major growth opportunities for India to emerge stronger.
India is zeroing in on 100 products where domestic manufacturing needs to scale up, including auto parts, with a goal of serving global markets. The government plans a Made in India Brand Scheme after a pilot in steel to assure quality and drive value addition. Firms are being urged to invest long-term, aided by fresh free trade deals and AI’s manufacturing impact.
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Indian businesses are struggling under GST 2.0, with an inverted duty structure hitting FMCG and OTC pharma firms hard. Experts point to the phase-out of the GST compensation cess, which has left companies with a backlog of unusable credits. On top of this, tighter free-trade agreement rules are creating fresh compliance and trade barriers.
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