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Kumar while addressing a virtual event organised by industry body FICCI further said India is committed to the global economy and opening trade order.
“We will pursue self-reliance, we will give our domestic entrepreneurs the best possible environment to go forward. We will, while attracting FDI, also repose our faith and trust in those who have already invested in India,” he said.
Kumar also noted that the government will give more space to private entrepreneurs, because without them whether domestic or foreign, India will not be able to achieve the kind of sustainable growth that the country wants.
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“It will be done with India trying to regain its share in global and regional production chains, it will be done with the respect to multilateral trading orders, and rule-bound orders” he emphasised.
Kumar also pointed out that if any support to the domestic industry will be given by the government through tariffs then it would have an in-built sunset clause.
“And it will not imply in any sense, any form of isolation or protectionism,” he said.
Kumar also pointed out that the government has introduced production linked incentive (PLI) schemes for 9-10 sectors and in case of 4 sectors, government decisions have already been taken.
“The objective of PLI schemes is to incentivise investors in this country to put up globally comparable capacity in scale and in competitiveness,” he said.
Noting that the government has taken COVID-19 pandemic as an opportunity Kumar said,”we have rationalised the labour laws, we have liberated our farmers, we have liberalised the FDI scheme.”
He stressed on the need to increase the share of trade in India’s GDP.
“We need to increase spending on health, education,” Kumar said adding human resources, health and welfare will be the centre of India”s growth strategy.
He also said the government is pushing electric mobility in a strong way.