Will Engineering Exports Soar Higher with Ambitious Goals and Enhanced Strength?
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Synopsis
Discover how India's engineering exports have skyrocketed from $10 million in 1995 to $116 billion today, according to Union Minister Piyush Goyal. With a focus on quality and inclusive growth, the sector is set to achieve even greater heights. Read on to learn more about India's economic transformation and ambitious future prospects.
Key Takeaways
- Engineering exports have surged from $10 million to $116 billion.
- India's economic backbone is supported by the MSME sector.
- Commitment to quality with the motto “Zero Defect, Zero Effect”.
- India is among the top five economies globally.
- Focus on equitable growth benefits for all citizens.
New Delhi, Sep 8 (NationPress) The engineering exports, which were valued at $10 million in 1995, have escalated to an impressive $116 billion today. Union Minister of Commerce and Industry, Piyush Goyal, emphasized on Monday that the engineering sector is poised for even greater growth with ambitious goals and robust strength.
Addressing an event organized by EEPC India, he stated that India's economic backbone is fortified by trade and the MSME sector, which are vital for the nation's business landscape. He expressed confidence in India's ability to navigate any crisis.
Goyal reiterated his belief that India, under the guiding principle of “Zero Defect, Zero Effect,” will continue to expand.
He highlighted the importance of producing high-quality products in India for global markets, noting that the world recognizes India as a reliable partner, a status that must be preserved.
The minister remarked that under Prime Minister Narendra Modi’s leadership, India has evolved from being one of the fragile five economies to now being among the top five economies globally. He pointed out that India has been the fastest-growing economy over the past four years, achieving a remarkable 7.8 percent GDP growth in the last quarter, a feat he termed as a world record.
“With reductions in GST rates and simplification processes, Prime Minister Modi has invigorated domestic demand,” the minister stated.
He foresees new job opportunities and income increases as a result. Goyal further asserted that with rising infrastructure investment and consumer demand, no force can prevent India from ascending to a global superpower status.
The minister emphasized the necessity of equitable economic benefits, insisting that the advantages of GST reductions must be passed on to consumers, ensuring growth benefits every citizen and fortifies India’s economic foundation.
He concluded by stating that when India collaborates as a cohesive family, supporting one another across various sectors, inclusive growth will naturally ensue. He expressed optimism that the country can emerge as a global role model for sustainable and inclusive development.
Point of View
It is imperative to recognize the monumental strides India has taken in the engineering sector. The focus on quality and inclusive growth, as highlighted by Minister Piyush Goyal, showcases the nation's commitment to not just economic metrics but also to the welfare of its citizens. With a united approach, India stands poised to set a global benchmark in sustainable development.
NationPress
08/09/2025
Frequently Asked Questions
What has been the growth of engineering exports in India?
Engineering exports in India have grown from $10 million in 1995 to $116 billion today.
What is the significance of the MSME sector in India's economy?
The MSME sector is crucial as it forms the backbone of India's business landscape and contributes significantly to trade.
What does 'Zero Defect, Zero Effect' mean?
'Zero Defect, Zero Effect' signifies a commitment to producing high-quality products while minimizing environmental impact.
How has GST impacted domestic demand?
The reduction and simplification of GST rates have significantly boosted domestic demand in India.
What are India's future economic goals?
India aims to enhance its engineering sector further while ensuring equitable growth benefits reach all citizens.
