Indian Economy News

Union Minister of Commerce and Industry Mr. Piyush Goyal calls Prime Minister Mr. Narendra Modi’s ‘Zero Defect, Zero Effect’ vision core to manufacturing push; says quality key to US$ 30–35 trillion economy by 2047

Union Minister of Commerce and Industry, Mr. Piyush Goyal, reiterated the need for quality to be the foundation of the country’s manufacturing and export sector, pointing out that the ‘Zero Defect, Zero Effect’ vision of Prime Minister Mr. Narendra Modi is at the heart of the country’s development plans. He said that the target for the Indian economy to become a Rs. 2,490–2,905 lakh crore (US$ 30-35 trillion) economy by 2047 would depend on the country’s ability to achieve high-quality production and inclusive growth. Speaking at the National Quality Conclave organised by the Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with the Quality Council of India (QCI), he said that the country needs to develop ‘Brand India’ on the three pillars of quality, reliability, and competitiveness.

Further, added that to meet the country’s export target of Rs. 166 lakh crores (US$ 2 trillion), exports from the services and merchandise sectors must grow equally, and this is possible only when the country adheres to global quality standards. The country currently has nine Free Trade Agreements (FTAs) with 38 developed countries, which presents a significant opportunity to increase exports. However, he also added that the country’s industries need to produce quality on a global scale to take advantage of these FTAs. He also called for a coordinated approach between industry, regulators and government to institutionalise quality across the manufacturing ecosystem, thereby strengthening India’s position as a trusted global manufacturing hub and driving long-term economic growth.

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