President Murmu Says Innovation Can Solve Trade Challenges

President Droupadi Murmu on Monday emphasized transforming global trade challenges into opportunities by leveraging India's innovation potential. Speaking at the platinum jubilee celebration of the Engineering Export Promotion Council (EEPC) in New Delhi, she said India must position itself as a global innovation hub.

Highlighting the global shift towards innovation-led economies, President Murmu urged EEPC to strengthen India’s integration into global value chains amid evolving trade dynamics. EEPC, under the Ministry of Commerce and Industry, has played a key role in boosting engineering exports growing from $10 million in 1955 to $116.67 billion in FY25.

Echoing the President's vision, Union Commerce Minister Piyush Goyal encouraged Indian industry to build robust domestic supply chains to reduce import dependency. He cited recent global export restrictions that caused disruptions and underscored the importance of ‘Atmanirbhar Bharat' for self-reliance and inclusive growth.

Goyal praised India's economic progress under Prime Minister Narendra Modi, noting the country’s rise to one of the top five global economies, driven by a strong MSME sector. He reaffirmed India's commitment to sustainability and the “Zero Defect, Zero Effect” manufacturing motto. GST reforms, he added, will further boost domestic demand.

EEPC Chairman Pankaj Chadha, however, flagged key export challenges, including a nearly 50 percent tariff by the US on Indian engineering goods and the EU’s upcoming Carbon Border Adjustment Mechanism (CBAM) effective from January 2026. He warned of growing global protectionism and urged adaptability.

Despite global headwinds, the government targets $250 billion in engineering exports by 2030 and $1.25 trillion by 2047. EEPC aims to achieve this through its 5Es framework: Elevate (tech-driven value), Expand (new markets), Embrace (sustainability), Empower (MSMEs), and Enable (digital transformation).