Commerce Minister sets an export target of 100 billion dollars for Engineering Industry in 6 years

Commerce Minister PiyushGoyal, encouraged the Engineering community to achieve the 100 billion US dollars export target in engineering services, design, construction, and research and development (R&D) by 2030.

MrGoyal was addressing at the ‘Global Services Export Conclave on Design,Engineering, Construction, R&D and Environmental Services: Sustainable Energy, Transportation, and Infrastructure’ in New Delhi on September 14^th. The Minister encouraged the engineering leaders to consider the German model of specialization and certification in specific areas, suggesting that having specialists and generalists within the engineering field could contribute to India's growth and innovation.

MrGoyal called upon the Services Export Promotion Council (SEPC) and the Institution of Engineers (India) (IEI) to conduct a study on international practices that restrict Indian engineering firms' participation in global projects. The Minister emphasized that the Government under the leadership of the Prime Minister Shri Narendra Modi will explore reciprocal actions based on this research study to ensure a level playing field for Indian engineers and businesses.

Regarding India's stance on global trade, MrGoyal emphasized the country's commitment to fair and balanced Free Trade Agreement (FTA) negotiations. He emphasized that India's approach involves extensive consultations with stakeholders to ensure equitable deals that benefit the nation's businesses, professionals, and MSMEs. He said that the aim is to enter into an FTA which is a win-win for both countries.

India has not been able to leverage the FTA as much as the other countries are able to do.