Indian engineering exports touces USD 116 billion: Piyush Goyal

NEW DELHI, Sep 8: Union Minister for Commerce and Industry Piyush Goyal today said that engineering exports have, over the last 70 years grown impressively, reaching USD 116 billion
from just USD 10 million in 1955.
“The engineering sector is all set to grow further,” Goyal said while addressing the EEPC India’s Platinum Jubilee Celebrations here.
He called for making high-value products and gaining greater trust of the world when it comes to manufacturing quality products.
Under the leadership of Prime Minister Narendra Modi, India has become one of the top five economies of the world from being one of the Fragile Five economies in 2014.
“India has been the fastest-growing major economy for the last four years. In the first quarter of the current fiscal year, the GDP growth reached 7.8 percent,” he said.
Goyal said that the present size of the Indian economy is $4 trillion, and in the coming two and a half years, it would become the third-largest economy globally.
Further, he said that the size of the Indian economy would be at least $30 trillion by 2047.
Referring to the GST Council’s rate rationalisation decision on September 3, 2025, he said that the move is a comprehensive reform and transformational.
“The rate cuts, along with simplification, will significantly boost domestic consumption and give further momentum to the economy. It will create more employment and increase people’s earnings,” he said.
The union Minister called for the Swadeshi movement and advocated self-reliance across the industrial sectors.
In his address, Minister of State for Commerce & Industry, Jitin Prasada, said that Export Promotion Councils have been the backbone of India s outward-looking trade strategy, serving as vital bridges between industry and government, and between India and the world.
“Among them, EEPC India has stood out as a true leader. Over the past seven decades, it has carried forward the proud legacy of Indian engineering exports, nurturing small and medium enterprises, guiding them towards global markets, and ensuring that Indian engineering is recognized for its quality, reliability, and innovation,” he said.
He noted that with a real GDP growth of around 6.5 pc in the financial year 2025, India has demonstrated remarkable resilience, even amid global headwinds and geopolitical uncertainties.
“A key driver of this journey is our export performance. Over the last decade, India s exports have grown by nearly 76%, reaching a historic high of about USD 821 billion in 2024-25, combining both merchandise and services exports,” Prasada said.
In his remarks, Pankaj Chadha, Chairman, EEPC India, said that the export numbers clocked by the engineering sector reflect its resilience.
He, however, noted the challenges being faced by the sector.
“Our largest export destination, the United States, has imposed tariffs of nearly 50 per cent on most engineering products under new trade measures. This is a major setback for exporters who have built relationships with U.S. buyers over decades,” he said.
“Our second-largest market, the European Union, presents multiple challenges. From January 1, 2026, the Carbon Border Adjustment Mechanism (CBAM) will come into effect, requiring exporters to account for carbon emissions and pay a carbon price to access the EU market. In addition, the EU has extended its safeguard measures on steel until June 2026, with strict tariff-rate quotas (TRQs),” Chadha added.
(UNI)

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