-Union Minister of Commerce and Industry says , Indian economy has Shown Resilience in Times of Global Crisis
New Delhi : Union Minister of Commerce and Industry Piyush Goyal on Tuesday said the Indian economy has demonstrated strong resilience despite global geopolitical and economic uncertainties, backed by robust fundamentals and rising international confidence in India’s growth story. Addressing the Confederation of Indian Industry (CII) Annual Summit in New Delhi, the Minister highlighted India’s growing economic strength and export potential.
Shri Goyal said India continues to remain the world’s fastest-growing large economy and noted that the country currently has nearly 11 months of import cover in foreign exchange reserves. Referring to export performance, he said India is poised to achieve a record export figure of nearly USD 863 billion this year. He added that the combined trade deficit in goods and services remains significantly lower than India’s annual remittances, reflecting strong macroeconomic stability.
The Minister said India has consistently converted challenges into opportunities and emerged stronger during difficult global situations. He described the current global environment as a wake-up call for India to become more productive, efficient and self-reliant.
Highlighting the vision of Atmanirbhar Bharat, Shri Goyal said Prime Minister Narendra Modi’s leadership has consistently focused on building confidence in Indian capabilities and strengthening domestic manufacturing and innovation. He stressed that government and industry must work together to further strengthen India’s economic growth trajectory.
Calling for greater collaboration among businesses, Shri Goyal said collective growth of Indian industry would contribute significantly to the country’s long-term development. He reiterated the importance of self-reliance, quality manufacturing, innovation, productivity and collective action in shaping India’s economic future.
The Minister cited the LED lighting programme launched in 2015 as an example of how efficiency-driven initiatives can reduce wastage and improve sustainability. He said energy efficiency measures have helped India save nearly USD 10 billion annually in energy costs while also supporting environmental conservation.
Shri Goyal urged industries across sectors to focus on reducing waste, improving productivity and lowering import dependence. He said investments in public transport infrastructure, including metro rail and rapid rail systems, combined with responsible efforts by citizens and industry, would strengthen the national economy.
Speaking about India’s Free Trade Agreements (FTAs), Shri Goyal said the country has signed nine FTAs with 38 countries over the past three-and-a-half years, all with developed economies. He said these agreements would help India expand exports, attract investments and gain access to large global markets. According to him, countries such as Switzerland, the United States and European Union nations complement India’s strengths rather than compete with them.
The Minister noted that while developed economies possess strong technological and industrial capacities, India enjoys advantages in cost-effective manufacturing and skilled talent. He said the FTAs would provide Indian businesses with new opportunities to strengthen their global presence and scale up exports.
Referring to the changing nature of global trade, Shri Goyal said modern trade agreements increasingly include mobility partnership provisions that facilitate movement of skilled professionals and services. He highlighted that more than 10 million Indians are currently employed in Gulf countries, while the Indian workforce in the UAE has increased from around 1.8 million to 4.5 million over the last 12 to 13 years.
On emerging technologies, the Minister urged industry to use artificial intelligence, robotics and quantum computing as force multipliers for growth and competitiveness. He said AI should not be viewed merely as a tool for reducing costs, but as an instrument to improve efficiency, expand businesses and access larger markets. He called on industry bodies such as CII to actively examine how AI can make Indian businesses smarter, more productive and globally competitive.
Shri Goyal advised companies to invest in AI training programmes for employees and use technology to strengthen growth rather than simply reduce manpower. He said India has successfully adapted to changing technologies in the past by progressing from call centres to BPOs, software services and advanced business solutions.
He also observed that sectors such as hospitality, jewellery and other people-centric industries would continue to depend heavily on human creativity and skills, even in an AI-driven future.
Highlighting the rapid rise of Global Capability Centres (GCCs), Shri Goyal said nearly 1,800 GCCs are currently operating in India and another 500 are expected to be established in the coming years. He said GCC exports are growing by nearly 40 to 50 per cent annually and currently contribute around USD 50 billion while directly employing nearly two million people.
The Minister also pointed to emerging opportunities in sectors such as lab-grown diamonds, renewable energy-driven manufacturing and artificial jewellery, saying these industries have significant employment and export potential.
Calling upon industry to work towards achieving USD 2 trillion in exports over the next five to six years, Shri Goyal said the target is achievable with annual export growth of around 15 per cent. He expressed confidence in the capabilities of Indian industry, startups and sectors such as automobiles and steel to drive this growth through innovation and global competitiveness.
In his concluding remarks, Shri Goyal urged industry to move from “assembled in India” to “designed, engineered and manufactured in India.” He called for higher value addition, deeper integration into global value chains and greater self-reliance in critical components. He also suggested the creation of scorecards to track progress in localisation, indigenisation, exports and net foreign exchange earnings.
Emphasising that quality must remain non-negotiable, Shri Goyal called for “zero defect, zero effect” manufacturing practices and stressed the importance of sustainability and climate-conscious industrial growth. He said Brand India should emerge as a global benchmark for quality and reliability.
The Minister also urged industry to increase investments in research, development and innovation, while aligning domestic standards with global benchmarks. He concluded by encouraging Indian industry to take leadership in emerging fields such as artificial intelligence, machine learning and quantum computing, stating that India has the talent and capability to lead the world in the next era of technology-driven growth.