The BRICS TimesPresident Droupadi Murmu said that innovation economies are the most competitive and prosperous economies in the world
President Droupadi Murmu highlighted on Monday that the difficulties emerging in global trade should be transformed into possibilities by utilising India’s vast talent pool and advancing the nation as a hub of innovation.
“Experts of the global economy and trade discuss innovation economies and catch-up economies. Innovation economies are the most competitive and prosperous economies in the world,” she stated while addressing the platinum jubilee of the Engineering Export Promotion Council (EEPC) in New Delhi.
She appealed to EEPC to expand India’s participation in the international value chain, stressing that this move is essential due to the shifting dynamics of global trade and the evolving economic structure worldwide.
EEPC, backed by the commerce and industry ministry, acts as a dedicated trade and investment promotional body. Over the years, India’s engineering exports have grown remarkably from just $10 million in 1955 to an impressive $116.67 billion in FY25.
Union Commerce Minister Piyush Goyal, recalling the President’s Independence Day eve address that emphasised “swadeshi” and innovation, urged Indian industries to build resilient domestic supply chains. He underlined the importance of reducing dependency on imports.
“By buying products from each other, we not only help in the country’s progress, but also ensure our own protection [from global supply chain disruptions],” he mentioned.
His remarks came in response to export restrictions on critical raw materials by several nations that caused supply pressures in India. Goyal stressed the urgent need for ‘Atmanirbhar Bharat,’ which he described as the path toward inclusive growth.
Speaking at the 56th EEPC India National Awards, he noted that India has the capacity to overcome every challenge. He reiterated that strengthening ‘Atmanirbhar Bharat’ remains an action call for the entire nation. According to him, MSMEs form the backbone of India’s industrial framework and, alongside trade, drive the nation’s resilience.
He added that India must maintain its focus on quality products for local as well as overseas markets. With the vision of “Zero Defect, Zero Effect,” Goyal expressed confidence that the nation would continue its upward trajectory.
Under Prime Minister Narendra Modi’s leadership, India has evolved from being part of fragile economies to one of the world’s top five. Goyal pointed out that India has been the fastest-growing economy for the past four years. In the recent quarter, GDP grew by 7.8%, a performance he described as historic.
He emphasised that GST simplification and rate reductions will boost domestic consumption. He also stressed that India stands as a responsible global power, prioritising sustainability while fulfilling its commitments under COP21 in Paris. For several consecutive years, India has ranked among the top three nations in global sustainability progress.
EEPC chairman Pankaj Chadha outlined major hurdles before exporters. “Our largest export destination, the United States, has imposed a tariff of nearly 50% on most engineering products under the new trade measure. This is a major setback for exporters… 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,” he said.
He further observed that protectionist strategies in many regions are reshaping global commerce. “Protectionist policies in many countries are reshaping trade dynamics. In short, the world is changing rapidly, and we must adapt to stay competitive,” he warned.
Despite global challenges, the government has set bold goals of achieving $250 billion in engineering exports by 2030 and reaching $1.25 trillion by 2047 when India marks its centenary of Independence. According to Chadha, EEPC’s 5Es framework will guide this journey. The framework includes Elevate (using technology to move up the value chain), Expand (increasing presence in non-traditional markets), Embrace (green and eco-friendly manufacturing), Empower (helping MSMEs with technology and market access), and Enable (digital transformation support).
