Dedicated ecosystem for industry, start-ups and textiles will go a long way in promoting these sectors
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In the post-pandemic era, two ministries- Industry and Textiles- led by Piyush Goyal- are crucial for the Indian economy to achieve double-digit growth. And from ease of compliance to creating an ecosystem for businesses to thrive, to incentives for capacity building and expansion of the domestic industry, Goyal is doing it all. The latest in this is the Open Network for Digital Commerce (ONDC) – a platform for doing business in a more democratic, decentralized way – that challenges the monopoly of multinational e-commerce players. The platform has taken cues from payment gateways like Unified Payments Interface and is being tested in five cities, Delhi-NCR, Bhopal, Bengaluru, Coimbatore and Shillong.
Goyal is also creating a start-up ecosystem by reducing the burden of compliance. Overall, for industries and start-ups, 21,876 compliances related to business interface and 10,012 related to citizen interface have been streamlined. India is now the third largest start-up ecosystem in the world with close to 69,500 accredited people.
For industry, Goyal has expanded the PLI (Production Linked Incentive) scheme from 3 to 13 sectors. These are in various stages of implementation. For textiles, Goyal is creating world-class infrastructure in seven Pradhan Mantri Mega Integrated Textile Region and Apparel (PM Mitra) Parks with a committed outlay of Rs 4,445 crore. The PLI scheme for textiles will have a committed fund of Rs 10,683 crore, which will be spent over the next five years.