Engineering exports to grow further with bigger goals, greater strength: Piyush Goyal

New Delhi, Sep 8 (IANS) The engineering exports, which were at $10 million in 1995, stand at $116 billion today and with time, the engineering sector will grow further with bigger goals and greater strength, Union Minister of Commerce and Industry, Piyush Goyal, said on Monday.

Speaking at an EEPC India event here, the minister said India’s strength relies on trade and the MSME sector, which form the backbone of the country’s businesses, and the country has the strength to overcome any crisis.

The minister said that he has full confidence that India, with the motto of “Zero Defect, Zero Effect,” will grow bigger.

He underlined the need to ensure that good quality products are made in India and sold across the world, adding that the world today considers India a trusted partner, and it is important to maintain that status.

Goyal said that under the leadership of Prime Minister Narendra Modi, India has transformed from a fragile five economies to one of the top five economies. He noted that India has been the fastest growing economy for the last four years. In the last quarter, the country achieved 7.8 per cent GDP growth, which he described as a world record.

“With GST rate cuts and simplification, Prime Minister Modi has given a boost to domestic demand,” said the minister.

He noted that new opportunities for employees and increases in income will follow. The minister further said that when infrastructure spending and consumer demand grow on the strong base of the economic system, no power in the world can stop India from becoming a world power.

Goyal stated the importance of equitable economic benefits, He highlighted that the advantages of GST rate cuts must be fully passed on to consumers, ensuring that growth reaches every citizen and strengthens the foundation of India’s economy.

The minister said that when India works together as a united family, supporting each other across sectors, inclusive growth will naturally follow. He expressed confidence that the country can become a global role model for sustainable and inclusive development.