New Delhi: Union Minister of Commerce and Industry Piyush Goyal said 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.
In a post on X, the minister said he emphasised the need to prepare early, explore new markets, strengthen Brand India, improve quality and productivity and become more globally competitive.
“Inspired by PM Narendra Modi’s vision, called upon industry to convert global challenges into opportunities through innovation, energy efficiency, better logistics, R&D and collective national effort towards building a stronger export ecosystem and realising the vision of Viksit Bharat 2047,” Goyal posted.
