India Seeks to Become Global Innovation Centre Amid Challenges in Global Trade

President Droupadi Murmu called for Indian businesses to leverage their capabilities and make the country a hub for innovation, emphasizing the importance of adapting to global trade changes. Union Commerce Minister Piyush Goyal urged Indian companies to prioritize domestic supply chains, promoting self-reliance and growth. India's engineering exports have grown significantly, with a value of $116.67 billion in FY25, and the government has set ambitious targets for the sector, including $250 billion by 2030 and $1.25 trillion by 2047.

Key Takeaways:

• President Droupadi Murmu emphasized the need for India to become a global innovation centre, leveraging its exceptional capabilities to turn global trade challenges into opportunities.
• Union Commerce Minister Piyush Goyal urged Indian businesses to prioritize domestic supply chains, promoting self-reliance and growth, in response to recent export restrictions and global supply chain disruptions.
• India's engineering exports have grown significantly, from $10 million in 1955 to $116.67 billion in FY25.
• The government has set ambitious targets for the engineering sector, including $250 billion in exports by 2030 and $1.25 trillion by 2047 when India celebrates 100 years of Independence.
• EEPC chairman Pankaj Chadha highlighted the challenges faced by Indian exporters, including protectionist policies and the introduction of the Carbon Border Adjustment Mechanism (CBAM) in the European Union.
• The government is promoting the 5Es framework to help the engineering sector achieve its targets: Elevate (technology-driven value chain), Expand (global footprint), Embrace (sustainable manufacturing), Empower (MSMEs), and Enable (digital transformation).

Statistics:

• India's engineering exports reached $116.67 billion in FY25.
• The government has set a target of $250 billion in exports by 2030 and $1.25 trillion by 2047.
• India has been the fastest-growing economy for the last four years.
• The country achieved 7.8% GDP growth in the last quarter, described as a world record by Union Commerce Minister Piyush Goyal.
• India has been ranked in the top three for consecutive years in global sustainability efforts, with Nationally Determined Contributions (NDC) commitments under the COP21 in Paris.

Sources:

• President Droupadi Murmu's speech at the EEPC platinum jubilee celebrations in New Delhi on Monday.
• Union Commerce Minister Piyush Goyal's address at the 56th EEPC India National Awards on Monday.
• The India Times.
• EEPC chairman Pankaj Chadha's comments on challenges to exports.
• HT Digital Content Services with permission from Hindustan Times.