Pushing for enhanced focus on quality, the minister noted that India's export competitiveness is not going to come from subsidies or government support, or by closing the doors to the rest of the world.
16 Oct 2024 | 3349 Views | By Kiran Murali and Yukta Mudgal
Piyush Goyal has urged the manufacturing sector to focus on improving the quality standards of products made in India, in a bid to boost the country's export competitiveness.
Pushing for enhanced focus on quality, the minister noted that India's export competitiveness is not going to come from subsidies or ...
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Piyush Goyal has urged the manufacturing sector to focus on improving the quality standards of products made in India, in a bid to boost the country's export competitiveness.
Pushing for enhanced focus on quality, the minister noted that India's export competitiveness is not going to come from subsidies or government support, or by closing the doors to the rest of the world.
"If we are looking at Aatmanirbhar Bharat, a self-reliant India- it can only happen when we are self-confident and that confidence will come only when we all decide that quality is not our job, it's our duty," the Minister of Commerce and Industry, said on Wednesday at a symposium of the Indian Foundation for Quality Management. It counts Motherson Group, TVS Motor Company, Tata Electronics, Boeing, Larsen & Turbo and Biocon, among its founding members.
"Making good quality products, giving good quality service is no more option for any of us. It is the default option on the system...it is the need of the hour to brings quality to the center stage of industry, it helps change the mindset," he added.
Automobile sector is one of the major pillars of India's economy, accounting for over 7% of the country's GDP, and plays a significant role in India's export.
Several global auto companies are now looking at India as a significant market for domestic sales as well as exports as they are looking beyond China for a reliable and low-cost base.
The government has been keen on driving automobile sector exports and make India a global hub for automobiles increased focus on domestic manufacturing.
The Minister also noted that the component manufacturers have been proactive in all Free Trade Agreements (FTAs), and are not afraid of any sort of competition from global players.
Goyal has been pushing the auto component to boost its exports five-fold to USD 100 billion by the end of the decade.
The Indian component industry’s turnover in 2023-24 was at Rs 6.14 lakh crore (USD 74.1 billion), with exports accounting for USD 21.2 billion. Imports during the year came in at USD 20.9 billion.