States Should Provide Timely Industry Incentives: Union Minister Piyush Goyal
Union Minister of Commerce and Industry, Piyush Goyal, emphasized the importance of timely disbursal of industry incentives during his address at Udyog Samagam 2025. He highlighted several key points regarding the need for states to act decisively in supporting industries:
– Addressing Concerns: Goyal acknowledged that some industries are facing difficulties due to delays in receiving promised incentives, urging states to rectify this issue by ensuring incentives are paid on time.
– Simplifying Regulations: He recommended that states streamline laws related to labor, shops, establishments, and environmental regulations to make the investment climate more attractive.
– Industry Monitoring: The minister suggested establishing third-party mechanisms to oversee the distribution and implementation of industrial incentives, thereby fostering greater industry confidence.
– Quality Control Orders (QCOs): Goyal pointed out the significance of QCOs in reducing imports of substandard goods, enhancing domestic manufacturing, and ensuring consumer safety. He cited successful implementations in toys and plywood as examples that have strengthened local industries.
– Focus on Quality and Sustainability: He stressed that industries should concentrate on producing high-quality products and adopting sustainable practices as essential components for manufacturing.
– Central Government Initiatives: Goyal indicated that the current administration is pursuing free trade agreements with developed nations, including the US, EU, and UK, which contrasts the approach taken by previous governments.
– State Engagement: Concern was expressed regarding the absence of representatives from certain states at the meeting, underscoring the need for more serious involvement in industrial development initiatives.
The summit, which brought together Commerce and Industries Ministers from 14 states and Union Territories, served to review progress under the Business Reforms Action Plan (BRAP) 2024. Notable recognitions included:
– Top Performers: Uttarakhand and Punjab were acknowledged as top achievers across five reform areas.
– Achievement Recognition: States like Andhra Pradesh, West Bengal, and others excelled across multiple reform categories.
By encouraging states to prioritize timely disbursement of industry incentives, Goyal is advocating for a robust and competitive industrial sector that can flourish on a global scale.