1771851001672.webp
New Delhi, February 23: Union Commerce and Industry Minister Piyush Goyal on Monday underscored that quality must become the defining pillar of India’s manufacturing and export ecosystem if the country is to achieve its long-term economic aspirations.

Addressing the first National Quality Conclave virtually, organized by the Department for Promotion of Industry and Internal Trade in partnership with the Quality Council of India, the minister called for a unified national commitment to excellence across sectors.

“Zero Defect, Zero Effect” to Guide India’s Growth in Amrit Kaal​

Goyal emphasized that Prime Minister Narendra Modi’s vision of “zero defect, zero effect” should steer India’s economic journey during the Amrit Kaal and support the broader objective of Viksit Bharat 2047.

He said India cannot afford to remain merely a consumption-driven economy. Instead, the country must emerge as a global producer of high-quality goods and services, with Brand India symbolizing reliability, trust, and excellence in international markets.

According to the minister, the credibility of Indian products will be central to sustaining growth momentum and building long-term competitiveness.

$2 Trillion Export Target Hinges on Global Standards​

Highlighting India’s export roadmap, Goyal reiterated the government’s ambition to achieve $2 trillion in exports over the next six to seven years. This includes $1 trillion in merchandise exports and $1 trillion in services exports.

He stressed that this target can only be met if Indian products consistently meet the highest global quality benchmarks. Compliance with international standards, he noted, is not optional but essential for expanding India’s footprint in global trade.

Nine FTAs Covering Two-Thirds of Global GDP​

Goyal pointed out that India has signed nine free trade agreements over the past three to three-and-a-half years with 38 developed countries. These agreements collectively cover nearly two-thirds of global GDP and global trade.

He said these pacts open up significant opportunities for Indian exporters, particularly in sectors such as textiles, leather, footwear, and pharmaceuticals. However, he cautioned that improved market access alone is not enough. Indian companies must deliver top-quality products consistently to fully leverage these agreements.

Ending the Dual-Quality System​

The minister also addressed the long-standing perception gap between products meant for export and those sold domestically. Recalling a time when consumers preferred goods labeled as “export quality,” he urged industry to end the dual-quality system.

Goyal called for uniform standards across domestic and international markets, asserting that products sold within India should match the same quality benchmarks as those shipped overseas.

He noted that India’s share in global trade remains modest, even in labor-intensive sectors where the country has strong potential. Strengthening quality standards, he said, is critical to unlocking that potential and positioning India as a trusted global manufacturing hub.
 

Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.

The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.

Last edited by a moderator:

Editorial Note

This news article was written and created by Karthik, and published on IST.
Back
Top