In a meeting with industry associations, he asked them to focus on improving quality and productivity, the commerce and industry ministry said in a statement.
“He said that the economy is showing strong signals of comeback, and even in the international arena, India’s reputation has gone by several notches and it is being seen as a trusted partner,” Goyal was quoted in the statement.
India’s factory output expanded 0.2% in September, reversing six months of contraction while goods and services tax (GST) collections in October were 10% higher than the year earlier and railway freight in the last two months grew 15% from the year ago.
An ET forecast last week pegged the second quarter contraction in the Indian economy at 10.2% from the year earlier and lower than the previous forecast of 12% shrinkage. India’s economy had contracted an unprecedented 23.9% in the quarter ended June 30, 2020. The Ministry of Statistics and Programme Implementation will release the quarterly GDP estimates for the July-September quarter on November 27.
Goyal also asked the industry to designate a few days next month, to do brainstorming on these aspects so that the country starts getting recognition as high quality, efficient manufacturer, trader and service-provider.
Indian industry, the minister said, has shown resilience and confidence during the difficult times, and that the results of the second quarter of major companies show that profitability of most of them has gone up, indicating that the Indian industry has utilized the Covid-19 period to do the belt- tightening, improve the product-mix.