Commerce and Industry Minister Piyush Goyal on Monday said India has the strength to face any global challenge and called on businesses to focus on swadeshi products and self-reliance to ensure financial security.
Speaking at the 56th EEPC India National Awards in New Delhi, Goyal warned that export controls and restrictions by other countries could disrupt supplies to India, and stressed the need for reducing dependence on imports. “Atmanirbhar Bharat is a call to action that everyone must accept,” he said, adding that India’s 1.4 billion people and its businesses should prioritise Made-in-India products.
The minister pointed out that India’s engineering exports had grown from USD 10 million in 1955 to USD 116 billion today, with the sector poised for further expansion. He said India’s MSME sector remained the backbone of trade and businesses, and the country’s self-confidence would continue to strengthen without bowing before anyone.
Underlining the government’s focus on quality and sustainability, Goyal said India is committed to the motto of “Zero Defect, Zero Effect” in manufacturing. He added that India ranks among the top three nations globally in sustainability efforts under its COP21 commitments.
Goyal also said that under Prime Minister Narendra Modi’s leadership, India had transformed from being part of the “fragile five” to one of the top five economies, and had been the fastest-growing economy for the last four years. In the last quarter, India registered 7.8 per cent GDP growth, which he described as a world record.
He further noted that GST rate cuts and reforms had boosted domestic demand, creating new opportunities for jobs and income growth. He stressed that the benefits of lower GST rates must be fully passed on to consumers to ensure inclusive growth.
The event was also attended by President Droupadi Murmu, who lauded the growth of India’s engineering exports and urged stakeholders to strengthen the country’s role in global trade.