New Delhi: Commerce and industry minister Piyush Goyal on Wednesday asserted that flexibility and technology would be the decisive factors in India’s journey towards Viksit Bharat 2047, stating that the future of Indian manufacturing hinges on innovation and strong, resilient supply chains.<\/p>\n
Goyal\u2019s comments, delivered at the CII India Edge 2025 event in New Delhi, gain significance as recent data reveals a slowdown in the manufacturing sector.<\/p>\n
The HSBC India Manufacturing Purchasing Managers\u2019 Index, compiled by S&P Global, fell to 56.6 in November from 59.2 in October\u2014the slowest expansion recorded since February. A PMI reading above 50 signifies expansion in activity. Analysts note that higher US tariffs<\/a> appear to be weighing on demand, contributing to the slowdown.<\/p>\n Also Read<\/strong> | India moves to shield steelmakers with duty on Vietnamese imports<\/a><\/p>\n Addressing the need for India to strengthen sectors with a competitive edge while reducing dependence on vulnerable areas, Goyal noted that the country’s export <\/a>performance is recovering after a sharp dip.<\/p>\n Merchandise exports had contracted by 11.8% in October, primarily driven by high tariffs imposed by the US. However, Goyal announced a strong rebound in November, although official figures are due on 15 December.<\/p>\n \u201cMerchandise exports went down in October. Incidentally, November has gone up by a greater amount than what went down in October. If I aggregate October and November, there is growth in merchandise exports despite the global turmoil,\u201d he said.<\/p>\n This export contraction in October contributed to India\u2019s trade deficit widening to a record $41.68 billion that month, exacerbated by a sharp rise in gold imports. For the period between April and October this fiscal year, exports rose marginally by 0.63% to $254.25 billion, while imports increased by 6.37% to $451.08 billion.<\/p>\n Global pacts<\/strong><\/p>\n Goyal further stated that India is actively working towards deeper integration with global trading partners, hinting at imminent announcements regarding successful engagements with major economies.<\/p>\n India is currently negotiating a series of Free Trade Agreements (FTAs) with key countries and regions, including the European Union (EU), US, New Zealand, Oman, Chile, and Peru.<\/p>\n Also Read<\/strong> | Mozzarella momentum: India\u2019s dairy industry steps onto the world stage<\/a><\/p>\n When questioned about the rupee, which hit a record low of 90.15 against the US dollar on Wednesday, Goyal stressed that the broader economy remains strong. He cited the 8.2% second-quarter GDP growth, easing inflation, stable foreign exchange reserves, and strong capital inflows as evidence that the economy remains positive and resilient despite pressure on the currency.<\/p>\n \u201cInnovation must now be at the centre of India\u2019s manufacturing push, as it is vital for self-reliance across a wide range of products. Stronger control over supply chains will help the Indian industry withstand global shocks and compete better,\u201d the minister concluded.<\/p>\n