India focusing on creating no-frills cost and differentiation strategy, says Piyush Goyal

India is focusing on creating a no-frills cost and a differentiation strategy that will help to create uniquely desirable goods and services, said Union Minister of Railways Piyush Goyal on Tuesday.

Speaking at the virtual inauguration of the India Services Conclave 2021, Goyal said that India is focusing on creating a no-frills cost and a differentiation strategy that would help to create uniquely desirable goods and services.

"Also, we are looking at a self-reliant, self-resilient, and confident India which will engage with the world in the days to come. invited the world to walk with India, talk with India and run with India in our engagement on the services side in the new digitalised world that COVID-19 has brought to the fore" he said as per a press release.

The minister said that services are "our competitive advantage". "The services sector has been a significant success story of India. This sector has shown steady growth and resilience in the face of global challenges. India's digital economy generates about USD 200 billion economic value annually, but there is a potential to ramp it up to USD 1 trillion if digital technologies are used to unlock productivity, savings, and efficiency across diverse sectors."

He said that the digital services will help contribute to ease of living, ease of consumer engagement and benefits, and help in securing digital infrastructure for international engagement.

Goyal said that as the global trade moves more and more towards services, digital and data back innovation which India offers can really boost the world's engagement with digital technologies in a cost-competitive manner. He said that cybersecurity is another area where we are very much focused, the press note read.

Calling for innovation and up-gradation to create a glorious path for India in digitisation, he said that our capacity and capability in digital technologies are huge and they will determine our ability to compete with the world on cost competitiveness and differentiated products.

He said that we are preparing the nation to see how we can ensure the most modern technologies are available in India and upgrade the productivity and skill levels for the domestic and international market.

"We are preparing India to see how we can invite hi-tech industry to come and engage with India and ensure how most modern technologies are available in India and upgrade skill and productivity of the entire nation," he added.

( With inputs from ANI )