Dedicated ecosystems for industry, start-ups and textiles will go a long way in boosting these sectors
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In the post-pandemic era, two ministries led by Piyush Goyal—industries and textiles—are crucial if the Indian economy is to get to double digit growth. And right from ease of compliance to creating an ecosystem for businesses to thrive to building domestic industry’s capacity and incentives for expansion, Goyal is doing it all. The latest in this is the Open Network for Digital Commerce (ONDC)—a platform to do trade in a more democratic, decentralised way—which challenges the monopolies of the MNC e-commerce players. The platform has taken cues from payment gateways like the unified payment interface and is being tested in five cities, Delhi-NCR, Bhopal, Bengaluru, Coimbatore and Shillong.
Goyal is also building a start-up ecosystem by cutting down the burden of compliances. In total, 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 recognised ones.
For industry, Goyal has expanded the PLI (production linked incentive) scheme from 3 to 13 sectors. These are at different stages of implementation. For textiles, Goyal is creating world-class infrastructure at seven Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) parks with committed expenses of Rs 4,445 crore. The PLI scheme for textiles will have a Rs 10,683 crore committed fund, to be spent in the next five years.