New Zealand to Build with 'Made in India': Piyush Goyal Flags Off First JCB Export
Union Minister Piyush Goyal flags off the first JCB machine export to New Zealand as the India-NZ FTA begins, boosting 'Made in India' machinery.
In a significant boost to the 'Made in India' initiative, Union Commerce and Industry Minister Piyush Goyal on Monday flagged off the first-ever JCB machine export to New Zealand from Pune, Maharashtra. This landmark event takes place just one day before the India-New Zealand Free Trade Agreement (FTA) officially comes into effect on October 20.
Unlocking New Markets via FTA
The commencement of the India-New Zealand FTA is expected to be a game-changer for domestic manufacturers. The agreement provides zero-duty access to 100 per cent of Indian exports entering New Zealand, which is particularly beneficial for the engineering goods sector.
Sharing his pride on X (formerly Twitter), Minister Piyush Goyal stated, "New Zealand will now build with a 'Made in India' JCB machine!" He emphasized that the FTA is unlocking vital new opportunities for the nation's manufacturing capabilities.
JCB India's Global Ambitions
JCB India is already positioning itself as a global powerhouse. According to Deepak Shetty, CEO and Managing Director of JCB India, the company has always maintained a focus on producing machinery that meets international standards, not just domestic needs.
The growth trajectory for the company is steep:
- Past Performance: Approximately 15,000 units were exported last year.
- Future Projections: Exports are expected to rise by 20 per cent, reaching around 18,000 units by 2026.
- Global Reach: JCB India currently exports its machinery to 140 different countries.
- Production Split: Exports now account for roughly 25 per cent of the total production made in India.
Why New Zealand?
New Zealand presents a lucrative market due to its status as an advanced economy with a high per capita income of approximately $48,000. Deepak Shetty noted that the demand in New Zealand extends beyond simple construction; the machines are highly utilized in material handling and agriculture.
Looking Toward the USA
While the New Zealand agreement is a current victory, JCB India is already looking toward the next horizon. Shetty expressed strong optimism regarding the proposed India-US trade agreement. He mentioned that while the company already sells machines in America, a finalized trade agreement would significantly expand those opportunities and increase the volume of Indian-made machinery entering the US market.