New Delhi, May 12: Union Minister of Commerce and Industry Piyush Goyal stated on Tuesday that despite global geopolitical and economic challenges, the Indian economy continues to demonstrate strength. He emphasized that India’s economic foundation is robust and global trust in India is steadily increasing.
Addressing the ‘CII Annual Business Summit 2026’ in the national capital, Goyal remarked that India has emerged from every global crisis stronger than before. He highlighted the necessity for improved collaboration among the government, industry, and citizens to maintain the country’s economic strength.
Goyal urged Indian companies to prioritize domestic suppliers and strengthen industrial cooperation within the country. He noted that the current global economic and geopolitical climate requires a shift in how “normal trade” is perceived.
Referencing Prime Minister Narendra Modi’s recent appeal for economic discipline and self-reliance, he stated, “Today, we need a sense of awakening.”
Goyal stressed, “This is not a government versus industry issue. It is time for the government, business, industry, and the people of India to move forward together.”
In his address, he mentioned the ‘India Spirit,’ asserting that despite increasing global geopolitical, technological, and economic pressures, India has the capacity to face every challenge and emerge stronger.
He delivered a clear message to the corporate sector, urging Indian companies to support domestic producers and suppliers rather than relying heavily on foreign sources.
Citing the industrial coordination models of countries like Japan and South Korea, Goyal encouraged Indian industries to develop strong partnerships and cooperation within the country.
He stated, “Indian industries must learn to support one another. Look at how Korea and Japan operate.”
Goyal further remarked, “How long will we continue to think with such a limited perspective, failing to realize that the collective interest of Indian industries will also strengthen our individual futures?”
He described this not merely as a suggestion but as a necessity, asserting that industries must take responsibility for strengthening India’s economic system rather than relying solely on the government.
Goyal concluded, “The government is not needed to prevent Indian steel from going to Korea and Japan. Industries must ensure they support one another.”
These comments come at a time when countries worldwide are increasingly focusing on strengthening supply chains, domestic manufacturing, and strategic trade dependencies amid rising geopolitical tensions and fluctuations in global energy markets.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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