Piyush Goyal: Indian Economy Shows Resilience Amid Global Crises

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