India committed to “Zero Defect, Zero Effect” growth; trusted global partner and top performer in sustainability efforts: Shri Goyal

GST rate cuts and reforms to boost domestic demand; India poised to become a global economic power: Shri Piyush Goyal

Under Prime Minister Narendra Modi’s leadership, India rises from fragile five to top five economy; fastest growing for four years: Shri Piyush Goyal

No matter how big the problem arises in the global situation, India stands together as a nation said Union Minister of Commerce and Industry, Shri Piyush Goyal, while addressing the 56th EEPC India National Awards today. He added that the country has the strength to overcome any crisis. Shri Goyal further emphasised that businesses should focus on swadeshi products, as this will not only help India’s growth but also strengthen the country’s financial security. He cautioned that recently it has been seen that any country can impose export controls or restrict important products from reaching India, which can create hurdles for businesses. Therefore, he said, there is a need to focus more on Atmanirbhar Bharat. He described it as a call to action that everyone must accept.

Shri Goyal also recalled that on 15th August, Prime Minister Narendra Modi gave a clarion call for swadeshi products, stressing the importance of innovation. He said that India’s 1.4 billion people, businesses and trade should focus on Made in India products. Businesses that are import dependent, he suggested, can look into products that can be procured and made in India.

The Hon’ble President of India, Smt. Droupadi Murmu, graced the occasion as the Chief Guest. In her address, she spoke about India’s engineering exports and their advancement over the decades. She emphasised the importance of exports in strengthening the country’s economy and enhancing India’s global standing.

Shri Goyal highlighted that India’s strength relies on trade and the MSME sector, which form the backbone of the country’s businesses. He said that India’s self-confidence is so strong that it will only grow stronger and will not bow in front of anyone. Referring to EEPC’s journey, he pointed out that in 1955 exports were at USD 10 million, while today they stand at USD 116 billion. With time, he said, the engineering sector will grow further with bigger goals and greater strength.

The Minister said that he has full confidence that India, with the motto of “Zero Defect, Zero Effect,” will grow bigger. He underlined the need to ensure that good quality products are made in India and sold across the world. He added that the world today considers India a trusted partner, and it is important to maintain that status. He also stated that India is a nation conscious of sustainability. As a responsible global citizen, India is mindful of Mother Nature, and with its NDC commitments under COP21 in Paris, India has ranked in the top three for consecutive years in global sustainability efforts.

Shri Goyal said that under the leadership of Prime Minister Narendra Modi, India has transformed from a fragile five economies to one of the top five economies. He noted that India has been the fastest growing economy for the last four years. In the last quarter, the country achieved 7.8 percent GDP growth, which he described as a world record.

The Minister said that with GST rate cuts and simplification, Prime Minister Narendra Modi has given a boost to domestic demand. He noted that new opportunities for employees and increases in income will follow. He further said that when infrastructure spending and consumer demand grow on the strong base of the economic system, no power in the world can stop India from becoming a world power.

Shri Piyush Goyal concluded by stating the importance of equitable economic benefits, he highlighted that the advantages of GST rate cuts must be fully passed on to consumers, ensuring that growth reaches every citizen and strengthens the foundation of India’s economy. The Minister said that when India works together as a united family, supporting each other across sectors, inclusive growth will naturally follow. He expressed confidence that the country can become a global role model for sustainable and inclusive development.

GST rate cuts and simplification to boost domestic demand and support Atmanirbhar Bharat manufacturing shift. Focus on strengthening domestic production by prioritising Atmanirbhar Bharat and swadeshi manufacturing to reduce import dependence, with targeted GST rate cuts and simplification used to boost domestic consumption and income while maintaining Zero Defect, Zero Effect quality standards and sustainability commitments.