Piyush Goyal says India will become a major exporter for space, clean tech and renewable energy components

On September 25, the Make in India programme marked its 10-year anniversary. The NDA government noted that it inherited a fragile economy in 2014, but India has since become one of the fastest-growing economies globally.

Manufacturing now constitutes 17% of India’s GDP. Commerce Minister Piyush Goyal stated that in the next five years, India is expected to see significant activity in space, sustainability, clean energy, and green steel manufacturing.

Speaking to CNBC-TV18, Goyal emphasised the government’s openness to industry feedback and its exploration of additional support for certain sectors to enhance competitiveness.

He highlighted NDA 3.0’s goal of making India a natural sourcing destination through both Design in India and Make in India. India is already supplying critical components to companies like Micron and Boeing, and the Prime Minister’s visit to the USA will further boost exports. During this visit, India and the US signed key agreements on semiconductors, clean energy component manufacturing, health, and AI.
Also read: Piyush Goyal pushes for collaboration between quick commerce, Kirana stores

Invest India, an arm of the Ministry of Commerce focused on attracting investments, is launching a global outreach programme.

Following the opening of a new Singapore office, it inaugurated another in Australia. Goyal announced plans for offices in Dubai, Abu Dhabi, Saudi Arabia, and Zurich, along with Vibrant India centres in 10 locations across the United States to promote manufacturing and tourism. The Export Credit Guarantee Corporation will expand business through these new offices, aiming to create a job-generating ecosystem.

Goyal urged the private sector to invest more rapidly across various sectors. He mentioned that any increase in tariffs on Chinese products would follow inter-ministerial discussions. He also dismissed reports about amending rules to allow Chinese investments via an automatic route, clarifying that a framework exists for such investments, which must go through government approval.

Despite geopolitical tensions, Goyal expressed confidence that India is on track to achieve a target of $2 trillion in exports by 2030. He anticipates that the share of manufacturing in GDP will rise from the current 17% to 25% by 2047.

Also read: Piyush Goyal unveils AI, machine learning-based trademark search tech for faster application clearance

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}