Goyal to industry: Tell me which nations are using non-tariff barriers

“The government is willing to stand by you. The government is willing to look at retaliatory action. The government is willing to impose similar … trade remedial measures. We will learn from the NTBs (non-tariff barriers) that others are setting up against your exports and we may learn a few things (about) what India needs to do,” he said.

Goyal also encouraged industry representatives present at the event to use domestically-manufactured raw materials over imported products, even if they cost more, to support other players in the value chain. “Somewhere, all of us will have to invigorate that nationalist spirit that we care for India, we care for the future of all the industry in India,” he said.

He further urged the industry to invest in innovations in “every aspect of business and industry so that the competitive edge of industry is improved”.

Compared to other countries, India’s investment in research and development is only around 0.6-0.7 per cent of its GDP. This is below the expenditure of countries like the US, China, Israel and Korea, he said. According to the minister, the industry and the government would have to work together towards solutions to help the country become a $5 trillion economy.

In a separate panel discussion during the convention, Micro, Small and Medium Enterprises (MSME) Minister Nitin Gadkari said he was “saddened” that the country was importing coal, newsprint and other commodities despite having the indigenous capacity for these products.

“I am saddened to see huge imports … It is a matter of concern that we have capacity to export huge coal but we are importing it. Coal can be transported from Paradip port to Kandla for power plants in the Western region.

“This will bring down power prices by 35 to 40 paise per unit,” he said. India has the potential for huge bamboo plantation which could revive the country’s domestic paper mills and be exported as well, he said.

Plans are in motion to push the turnover of khadi and village industries to Rs 2 lakh crore in the next five years from Rs 75,000 crore currently, Gadkari added.

He also urged the industry to take advantage of the difficulties faced by China, “besides an increase in cost”, to grab a larger share of global trade. “China has a good record in trade business and accounts for 17 per cent of the global exports. Our share is barely 2.6 per cent. We have an opportunity to take it to 8 to 10 per cent …We should eye at increasing our share,” he said.

(With PTI inputs)