a day ago
- Business
- New Indian Express
India's global standing on manufacturing up: Minister Piyush Goyal
BENGALURU: Union Commerce and Industry Minister Piyush Goyal, who engaged with industry leaders, startups, deep-tech innovators and VCs at an interactive session here on Saturday, said, 'The country's ease of doing business is being strengthened by regulatory simplification and expedited processes for patents and trademarks.'
Goyal underlined India's improved global reputation for quality manufacturing, especially in sectors like electronics, pharmaceuticals, textiles, and defence, while highlighting the Centre's efforts towards strengthening the country's startup and innovation ecosystem. He highlighted the government's launch of the Rs 10,000-crore Fund of Funds for Startups (FFS) and the Rs 1-lakh crore R&D and Innovation (RDI) Scheme, which aims to provide long-term, low-cost capital to private R&D through a dedicated SPV.
Minister for Large and Medium Industries MB Patil said that of the Rs 5.56 lakh crore worth of investment commitments made in the manufacturing sector during Invest Karnataka-2025 Global Investors Meet (GIM), Rs 3.4 lakh crore — around 62%, has already translated into formal project applications.
'This shows our post-MoU follow-up has been effective. Companies like Krones, Safran, TASL, and others have filed proposals, and many have begun groundwork,' he said.
The event was organised by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, and Confederation of Indian Industry, had over 100 key stakeholders participating, and focused on innovation-led growth, India's rising global competitiveness, and the progress of investments in the state.
