Export Promotion Mission will help MSMEs secure globally recognised certifications, says Goyal
The American industry has committed more than US$60 billion in the last six months for projects including major data centre investments by companies such as Amazon and Google, as India provides a trusted framework for global companies and combines scale, talent and market opportunity in a manner unmatched globally.
This estimate as given by Commerce and Industry Minister Piyush Goyal on 21 May saying, “America is looking for a trusted partner and India has consistently demonstrated respect for intellectual property rights while delivering high-quality output on time. He said India offers a large pool of skilled talent and provides scale to American innovation through demand aggregation from 1.4 billion aspirational Indians, rising incomes and a growing middle class.”
Addressing the Annual Leadership Summit of the American Chamber of Commerce in New Delhi, the Minister said the partnership between the two countries is strengthened by mutual trust and shared economic interests.
India and the United States have economies that complement each other with minimal competition, making the partnership stronger, he underlined, adding, “When complementarity is combined with mutual trust, it creates an unbeatable combination capable of building trusted and resilient supply chains for the future.”
The Government is also adopting an area-based approach to industrial development through the Bhavya scheme aimed at creating 100 new industrial parks across the country, he said. The model integrates industrial infrastructure with worker housing, recreation and social amenities to create holistic industrial ecosystems.
Goyal said improved infrastructure, lower logistics costs and free trade agreements together are creating a virtuous cycle of investment, manufacturing growth and export competitiveness. He expressed confidence that India will continue to remain the world’s fastest growing economy for at least the next 25 years.
Highlighting the role of MSMEs in strengthening global supply chains, Goyal said the Government has initiated coordinated efforts involving the MSME Ministry and the Department for Promotion of Industry and Internal Trade to support technology upgradation and skill development for MSMEs.
He said the proposed Export Promotion Mission will help MSMEs secure globally recognised certifications necessary to become part of international supply chains. Goyal added that agencies such as the Export Inspection Council, Bureau of Indian Standards and FSSAI are working together to build world-class testing and quality infrastructure across India.
Highlighting India’s resilience amid global uncertainties, Goyal said India’s growth forecast was upgraded from 6.4 per cent to 6.5 per cent despite challenges such as the Ukraine conflict and the West Asia crisis. He said this reflects India’s capability, decisive leadership and growing confidence in engaging with the world as a reliable and favoured investment destination.
The Minister said global leaders increasingly view India with admiration and expectation, and this recognition is motivating Indians to work towards building a stronger nation and a better future for coming generations. He described the India-US partnership as a defining partnership of the 21st century driven by American innovation and investment combined with Indian skill and talent.
Speaking on India’s manufacturing transformation, the Minister said India is rapidly moving away from the earlier model of sourcing globally and assembling products domestically towards becoming a centre for design, innovation and intellectual property creation. He said innovations that may cost billions of dollars in developed countries can be developed in India at one-third or one-fifth of the cost.
The Minister said global companies are increasingly recognising India as a preferred destination for setting up global capability centres rather than relocating talent overseas.
“India is witnessing a rapidly growing culture of research and development and innovation among the youth,” he said, noting that digital adoption and technology awareness are spreading quickly not only in metropolitan cities but also in tier-two and tier-three cities and eventually villages because of India’s strong digital backbone.
Referring to India’s digital infrastructure, Shri Goyal said the country has achieved one of the fastest 5G rollouts across the length and breadth of the country, including remote areas, while also providing among the world’s lowest data costs. He said India is already preparing for the next phase of digital growth and technological advancement.
Goyal said India currently hosts 2,117 global capability centres employing approximately 2.35 million people directly and generating nearly US$98 billion in revenue. He said these developments are contributing significantly to India’s sustained economic growth at a time when several countries are struggling with low growth rates.
The Minister said India has achieved significant progress but remains committed to continuous improvement and deeper engagement with the United States across technology, investment, manufacturing and innovation sectors. He expressed confidence that the coming decades will witness even greater economic integration between the two countries.
“The Government is ready to support industries in establishing modern testing facilities equipped with the best global technologies,” he said, urging industry stakeholders to guide the Government in further expanding India’s testing ecosystem to international standards. Fiinews.com
