Union Commerce and Industry Minister Piyush Goyal on Thursday stressed the need for a quality revolution to boost India’s global trade and achieve developed nation status. Speaking at the IMC Bharat Calling Conference, he urged Indian businesses to embrace international competition.
"Unless we internationalize our economy and open our markets to global engagement, India cannot become a developed nation," Goyal said. He warned against India being used as a dumping ground for substandard goods and predatory pricing that harms domestic manufacturers.
Goyal emphasized the need to support micro, small, and medium enterprises (MSMEs), stating that larger companies must play a key role in strengthening the ecosystem. "With collective effort, we can see a huge quality revolution within the next four to five years," he added.
He also advocated for precast construction methods, citing their efficiency, speed, and environmental benefits. Reflecting on India's LED revolution, Goyal highlighted its impact in reducing energy consumption by 80-90%, lowering costs, and improving lighting nationwide. "LED adoption has saved billions in energy bills for businesses and households," he noted.
Discussing public welfare, skill development, and talent-building initiatives, Goyal stressed that economic growth must be inclusive. "A nation cannot progress if a large section of its population remains trapped in debt and struggles for basic needs," he remarked.
Goyal’s speech underscored India’s need to enhance quality, innovation, and competitiveness in global markets to drive sustainable economic growth.
