New Delhi, May 12 (IANS). Union Commerce and Industry Minister Piyush Goyal said on Tuesday that despite global geopolitical and economic challenges, the Indian economy is continuously showing strength. He said that India’s economic foundation is strong and the world’s trust in India is also continuously increasing.
Addressing the ‘CII Annual Business Summit 2026’ organized in the national capital, the Union Commerce and Industry Minister said that India has emerged from every global crisis stronger than before. He said that to maintain the economic strength of the country, better cooperation between the government, industry and common citizens will be very important.
Goyal appealed to Indian companies to give priority to domestic suppliers and strengthen industrial cooperation within the country. He said that in the current global economic and geopolitical environment, the mindset of doing ‘business as usual’ will have to change.
Referring to Prime Minister Narendra Modi’s recent appeal for economic discipline and self-reliance, he said, “Today we need an awakening.”
“This is not a matter of government versus industry. This is the time for government, business, industry and the people of India to move forward together,” Goyal said.
Referring to ‘India Spirit’ in his address, the Union Minister said that despite the increasing global geopolitical, technological and economic pressures, India has the ability to face every challenge and strengthen itself.
Giving a clear message to the corporate world, he said that Indian companies should support domestic producers and suppliers instead of being overly dependent on foreign sources.
Citing the example of industrial coordination models of countries like Japan and South Korea, Goyal said Indian industries should also develop strong partnerships and collaborations within the country.
“Indian industries have to learn to support each other. Look at the way Korea and Japan work,” he said.
Goyal further said, “For how long will we continue to think from such a limited perspective that we fail to understand that the collective interest of Indian industries will strengthen our individual futures as well.”
Calling it not just a suggestion but a ‘compulsion’, he said that the industries themselves will have to take the responsibility of strengthening India’s economic system and should not depend only on the government.
“There is no need for the government to stop Indian steel from going to Korea and Japan. The industries themselves should ensure that they support each other,” Goyal said.
The minister’s comments come at a time when countries around the world are paying more attention to supply chain strength, domestic manufacturing and strategic trade interdependence amid rising geopolitical tensions and volatility in global energy markets.
–IANS
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