India Aims for USD 250 Billion in Engineering Exports by 2030
Ambitious Export Target
The Indian government has set an ambitious target of achieving USD 1 trillion in exports by 2030, with USD 250 billion expected to come from the engineering sector. This target was announced by Commerce Secretary Sunil Barthwal and reflects the importance of the engineering sector, including automobiles and equipment, which currently contributes nearly 25% to India's total exports.
Infrastructure Development and Middle Class Growth
Barthwal highlighted the government's focus on infrastructure development as a key driver for this goal. The expansion of ports, airports, and railways, as well as road widening projects, will support this vision. He also noted that the growing middle class is a factor that will influence export growth.
Engineering Sector's Vital Role
India is traditionally known for its leather and textile industries, but the engineering sector is becoming increasingly vital. Barthwal addressed a conference of construction equipment manufacturers, emphasizing the sector's potential in reaching the USD 1 trillion export target. He also emphasized the importance of multi-modal transport to enhance last-mile connectivity, aligning with the government's infrastructure goals and supporting the engineering sector's growth. The energy transition will also create a demand for technologies with net-zero carbon emissions.
Innovation and Mobility Solutions
Youth in India are encouraged to explore innovative ideas that can lead to patents and commercial production. Barthwal mentioned Prime Minister Modi's interaction with young entrepreneurs at Bharat Mobility, focusing on efficient charging systems and mobility solutions. He also emphasized the need for safe and secure travel within the mobility industry.
Government Support and Global Expansion
The Commerce Ministry is addressing challenges faced by the industry to ensure a level playing field against global competitors. Barthwal urged industry players to expand globally by establishing global capability centers, which would enhance their competitiveness and align with India's export ambitions. The government aims to facilitate this expansion by overcoming existing industry challenges.
The government's export target reflects its commitment to economic growth through strategic sectoral development. By leveraging infrastructure improvements and fostering innovation, India aims to strengthen its position in global trade.
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