Piyush Goyal Highlights FDI Growth, SEZ Reforms, and Export Boosts in Latest Industry Update
Commerce and Industry Minister Piyush Goyal on Wednesday shared key updates from his ministry, highlighting progress in manufacturing, foreign direct investment (FDI), and export facilitation, particularly for MSMEs and farmers.
SEZ Reforms to Promote Manufacturing
Goyal announced a major step to promote industrial investment and ease of doing business through reforms in Special Economic Zones (SEZs).
- The minimum land area requirement to set up a factory in an SEZ has been reduced from 50 hectares to 10 hectares.
- Manufacturers operating within SEZs are now allowed to supply products domestically after paying applicable duties.
These changes aim to attract more businesses into the SEZ framework and support India's push toward becoming a global manufacturing hub.
Boost for Leather Industry and MSMEs
The ministry has also eased restrictions for leather exporters, especially benefiting Micro, Small and Medium Enterprises (MSMEs).
- Exporters can now ship finished, wet blue, and EI tanned leather from any port or Inland Container Depot (ICD) across India.
- Mandatory testing and certification requirements for these products have also been removed.
This move is expected to significantly cut down delays and logistics costs, helping MSMEs expand into global markets.
FDI Growth Shows India’s Investment Attractiveness
India witnessed a 14% year-on-year growth in foreign direct investment, with $81.04 billion in inflows in FY 2024–25, up from the previous fiscal year.
- FDI in the manufacturing sector alone grew by 18%, reaching $19.04 billion.
- Goyal described this as a strong endorsement of the ‘Make in India’ initiative, which aims to develop India as a global production and export hub.
Horticulture Exports Gain Momentum
India’s agricultural exports also saw new breakthroughs:
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An all-women Farmers’ Producer Company in Odisha exported its produce of Amrapali mangoes to Italy.
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The first commercial consignment of premium cherries from Jammu and Kashmir has been sent to Saudi Arabia and the UAE.
These developments are expected to expand international markets for Indian farmers and provide better incomes through export opportunities.
PLI Scheme Driving Growth in 14 Sectors
Goyal also reiterated the success of the Production Linked Incentive (PLI) scheme, which has been operational since 2020.
- The scheme supports 14 strategic sectors including electronics, telecom, pharmaceuticals, and textiles.
- It has helped boost domestic manufacturing, increase exports, and create jobs, according to the minister.
“India is becoming more globally competitive,” said Goyal, pointing to multiple industry success stories that have emerged under the PLI framework.
From FDI inflows and SEZ reform to export boosts for MSMEs and farmers, the Ministry of Commerce and Industry says it is focused on strengthening India's economic base and building international competitiveness. The government’s goal, according to Goyal, is to ensure that reforms translate into real opportunities for industries and individuals alike