India Seeks to Leverage Global Trade Challenges for New Opportunities

Strategic Insights -

President Droupadi Murmu emphasized India's ability to turn global trade challenges into opportunities, highlighting the country's exceptional capabilities in providing high-quality engineering services and products at low costs. At the platinum jubilee of EEPC India, the President noted that India's engineering exports have grown significantly, increasing from $70 billion to over $115 billion in the last decade. Commerce and Industry Minister Piyush Goyal echoed a similar sentiment, urging businesses to prioritize local supply chains and swadeshi products to strengthen India's economic security in the face of global trade uncertainties.

Key Takeaways:

  • President Droupadi Murmu stressed the importance of leveraging India's capabilities to turn global trade challenges into new opportunities, with a focus on making India a Global Innovation Centre.
  • India's engineering exports have seen significant growth, increasing from $70 billion to over $115 billion in the last decade, according to President Murmu.
  • Commerce and Industry Minister Piyush Goyal emphasized the importance of prioritizing local supply chains and swadeshi products to strengthen India's economic security amid global trade uncertainties.
  • Minister Goyal noted that India's strength lies in trade and the MSME sector, which form the backbone of the country's businesses.
  • The President and the Minister highlighted India's ability to navigate global trade challenges and emphasized the country's self-confidence in the face of uncertainty.
  • EEPC India, a premier export promotion council in the country, celebrated its platinum jubilee, highlighting India's achievements in the field of exports.
  • High-quality engineering services and products at low costs are a significant strength of India, according to President Murmu.
  • Minister Goyal emphasized the importance of promoting self-reliance in trade and exports, urging businesses to prioritize local supply chains.

Statistics:

  • India's engineering exports have increased from $70 billion to over $115 billion in the last decade, a growth of $45 billion, or 64%, over the last 10 years.
  • President Murmu noted that India's engineering exports have grown significantly despite challenges in the field of international trade in the last decade.
  • EEPC India has played a significant role in promoting Indian exports and has been at the forefront of promoting India's engineering and manufacturing sectors.

Sources:

  • President Droupadi Murmu's speech at the platinum jubilee of EEPC India, as reported by PTI News, 2023
  • Piyush Goyal's speech at the EEPC India platinum jubilee, as reported by ANI News, 2023
  • EEPC India's platinum jubilee event report, published on the EEPC India website, 2023.