India to take measures to protect domestic manufacturing, says Piyush Goyal
India will not sit back if other countries impose restrictions on Indian goods
India would take action to protect domestic manufacturing if some other countries impose restrictions or barriers on India goods, said Commerce and Industry Minister Piyush Goyal while addressing the 10th meeting of Finland Chambers of Commerce in India.
"We will have to take equal and proportional measures to protect India's domestic manufacturing,” Goyal was quoted as saying by Economic Times.
"Many FTA countries do not allow access to Indian goods, even though they are part of FTA protocols. They put non-tariff barriers or other restrictive measures. Gone are the days that India is going to sit and lie back and just take that...," he added.
Goyal further said that the government is looking at providing 'plug and play' infrastructure, faster clearances, more affordable finance, and lower logistics cost to invite businesses to India as per a PTI report quoted in The Economic Times.
He revealed that India has rarely used any export or import restriction and if it does so it has done so after a lot of thought.
Asked about MNCs in India that are not taken as local vendors when it comes to participation in government procurement he was quoted saying, “Our current system is that we normally look at Make In India based on value addition. In some cases 20 percent, and in some cases 50 percent.”
Goyal said that the companies should take Make in India seriously to add significant value in the Indian manufacturing ecosystem as per the report.