Indian economy has shown resilience in times of global crisis: Piyush Goyal
New Delhi, May 12
Union Minister of Commerce and Industry Piyush Goyal on Tuesday said that the Indian economy has continued to show resilience amid global geopolitical and economic challenges, with strong fundamentals and growing global confidence in India.
Speaking at the CII Annual Business Summit 2026 here, Goyal said India has consistently emerged stronger from global crises and stressed that closer collaboration between the government, businesses and citizens would be critical to safeguard the country's economic resilience.
He called on Indian companies to prioritise domestic suppliers and strengthen industrial cooperation within the country, saying the current geopolitical and economic environment demands a shift away from "business as usual".
"What we need today is a wake-up call," Goyal said, referring to recent appeals by Prime Minister Narendra Modi for economic discipline and self-reliance.
"It cannot be the government versus the industry, it is the government and business and industry and the people of India," he added.
The minister framed his remarks around what he described as the "India spirit", saying the country possesses the ability "to defend and fortify ourselves against any challenges" despite rising geopolitical, technological and economic pressures globally.
In a strong message to corporate India, Goyal urged companies to back domestic producers and suppliers rather than depending excessively on overseas sourcing.
Drawing comparisons with industrial coordination models followed in countries like Japan and South Korea, he said Indian businesses must develop stronger domestic linkages for long-term national and corporate benefit.
"Indian industry must learn to support each other. Look at the Korean and Japanese style of working," he said.
"How long are we going to be myopic in our views that we don't recognise that the common good of Indian industry will help our individual futures also," Goyal mentioned.
Calling it an "imperative" rather than merely a suggestion, Goyal said industry itself must take responsibility for strengthening India's economic ecosystem instead of relying solely on government intervention.
"It doesn't need governments to stop Indian steel from going to Korea and Japan. Industry make sure they support each other," he said.
The minister's remarks come at a time when countries across the world are increasingly focusing on supply-chain resilience, domestic manufacturing and strategic trade dependencies amid continuing geopolitical tensions and volatility in global energy markets.
— IANS
Reader Comments
While self-reliance is good, we must be realistic. Indian companies can't suddenly match Japanese or Korean quality overnight. Also, what about the actual experience for small businesses and consumers? This 'wake-up call' rhetoric is fine but ground reality needs more muscle - better infrastructure, lower compliance burden.
Resilience is a strong word. My family's business did struggle during the pandemic but honestly we've seen tough times before and survived. The government-people-industry trio he mentions is important. But is the government actually making it easier for MSMEs? Ground level support is still patchy.
The 'India spirit' is real - look at how we managed during the oil price fluctuations and global slowdowns. But it can't just be a sentiment. We need action on reducing red tape, easier loans for local industries, and actual protection from cheap imports. Japaan and Korea built their industries with decades of policy support, not just speeches.
Very glad to hear this emphasis on domestic sourcing. We must not become dependent on others for basic needs. But let's not forget farmers also need support - if domestic industries get protection, farmers too deserve better prices and no import dumping. Overall positive direction though.
As a young professional, I'm cautiously optimistic. The 'Atmanirbhar Bharat' push is good but it needs to translate into jobs for youth. If we make things in India, we need training programs, tech upgrades, and honest implementation. Otherwise it's just another slogan. Let's see real numbers in next quarter's GDP data.
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