Indian companies told to capture new markets and leverage India’s abundant talent pool
Minister of Commerce & Industry Piyush Goyal has called on the engineering community to achieve a US$100 billion export target in engineering services, design, construction, and research and development (R&D) by 2030.
The Indian engineering leaders should consider the German model of specialization and certification in specific areas, which could have specialists and generalists within the engineering field could contribute to India’s growth and innovation, he said at the ‘Global Services Export Conclave on Design, Engineering, Construction, R&D and Environmental Services: Sustainable Energy, Transportation, and Infrastructure’ in New Delhi on 15 Sept 2023.
He has set a target of US$100 billion exports of engineering services by 2030.
The Minister extended his warmest compliments and best wishes to engineers across the nation on Engineers Day and called on Indian companies to expand globally, capturing new markets and leveraging India’s abundant talent pool of STEM (Science, Technology, Engineering, or Mathematics) graduates to become leading global companies in their sectors.
Goyal also called upon the Services Export Promotion Council (SEPC) and the Institution of Engineers (India) (IEI) to conduct a study on international practices that restrict Indian engineering firms’ participation in global projects.
Goyal emphasized the country’s commitment to fair and balanced Free Trade Agreement (FTA) negotiations. He emphasized that India’s approach involves extensive consultations with stakeholders to ensure equitable deals that benefit the nation’s businesses, professionals, and MSMEs. He said that the aim is to enter into an FTA which is a win-win for both countries.
Goyal said, “We are not able to leverage the FTA as much as the other countries are able to do.
Also, he highlighted the importance of celebrating Engineers Day, emphasizing that it inspires individuals and the nation to reach for greater heights.
Goyal underscored the importance of collaboration, innovation, and confidence in India’s engineers as they embark on a journey towards global leadership. Fiinews.com
