Commerce and Industry Minister Piyush Goyal said the government is seeking to ensure that farmers in the country get more incomes and that would be possible with more value addition in farm produce and greater engagement with the needs of the world.
Goyal called for realigning the country's trade and economic policies with that of the world and said with 3B objectives -- Bigger trade basket, Better trade basket, Balanced trade- "we can see huge and exponential growth in our trade relationship. "
"We wish to ensure that the farmers of India get even greater incomes which would only be possible with more value-added on our farm produce and greater engagement with the rest of the world, to meet the needs of the international community, " he said, addressing the CII partnership summit.
He said there is “tremendous scope” for Australian investment into India as the country has opened up food processing sector to greater value addition.
Goyal also said that diversification of supply chains is critical for managing the risks associated with the supply of inputs, including disciplining non-transparent and opaque economies.
He said the trilateral Supply Chain Resilience Initiative among India, Japan and Australia will help diversify the supply chain of various inputs.
The minister said that areas like tourism will create a lot of jobs under the new framework of labour codes and make tourism projects in India more viable and invited Australian companies to look at the Indian potential.
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