India Redirects Manufacturing Focus Towards Quality Following Completion of Key Trade Agreements

India Aims for Developed Economy Status with Focus on Quality

Key Highlights:

• Piyush Goyal, Union Commerce Minister, emphasizes the importance of quality in India's growth story
• India seeks to become a developed economy, with a target of becoming the third-largest economy in the next 2-2.5 years
• Quality consciousness is a key focus area, as per Prime Minister Narendra Modi

Government's Strategy

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The Indian government aims to become a developed economy, driven by key free trade agreements (FTAs) signed in the last few months. To achieve this goal, Piyush Goyal has emphasized the need to prioritize quality in manufacturing. The minister highlighted that India's growth story rests on three pillars: quality, sustainability, and inclusivity.

Key Initiatives

To boost exports and become globally competitive, the government plans to focus on the following areas:

• Ensuring quality right from the raw material stage
• Skilling the workforce to reduce product wastage
• Conducting gap analysis in working processes
• Increasing productivity through process control
• Reducing delays in testing and certification

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Trade Agreements

India has signed 38 high-quality FTAs, with 9 FTAs done with countries where it has a competitive advantage. The minister noted that these agreements will boost exports, subject to high-quality produce.