President Droupadi Murmu on Monday said challenges of global trade need to be turned into opportunities by utilizing the exceptional capabilities available in our country, adding that India’s engineering export destinations have changed significantly over the last seven decades.
While speaking at the Platinum Jubilee Celebrations of the Engineering Export Promotion Council (EEPC), she said EEPC should continue this process of change and keep working to make India’s economy continuously stronger with the spirit of ‘Nation First’.
The President noted that in the last 10 years, India’s engineering exports have increased from 70 billion dollars to more than 115 billion dollars.
She said that this growth in exports seems even more impressive when we consider that there have been many challenges in the field of international trade during the last decade, and appreciated EEPC for its contribution to this achievement.
President Murmu said that in ancient times, India led the world in both spirituality and trade. Making India once again a leading centre of knowledge and trade should be the resolution of all citizens. Being an important stakeholder in the economic sector, EEPC should take this resolution with great determination.
“EEPC acts as a bridge between the international market and Indian producers,” she said, urging EEPC to continuously expand India’s role and the role of Indian entrepreneurs in the Global Value Chain.
She highlighted that due to the changes taking place in the World Trade Order and International Economic Order, its role has become more important.
“High-quality engineering services and products at low cost are a great strength of India. Global Capability Centres of the world’s biggest companies are in India. Stakeholders like EEPC should move forward with the idea of making India a Global Innovation Centre by providing proper incentives and an ecosystem,” she highlighted.
She also highlighted “innovation economies” and “catch-up economies” in her speech saying, “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 urged all stakeholders of EEPC to pledge to make India a leading innovation economy by providing an enabling ecosystem to the talent and energy available in our country.