Mumbai, 7 April 2025

 

The Commerce and Industry Minister Piyush Goyal called on Indian businesses to embrace "economic nationalism" by supporting domestic suppliers rather than opting for marginally cheaper imports.

Speaking at FICCI’s 98th Foundation Day celebrations in Mumbai today, Shri Goyal invoked Mahatma Gandhi’s nationalist ethos, urging India’s industrial leaders to prioritise domestic value chains even when foreign alternatives appear more economical in the short term. He cited examples of Japan and Korea, where despite free trade agreements, domestic industries consistently support local suppliers as a matter of "collective conscience."

The Minister’s comments come as India positions itself as a viable manufacturing alternative amidst shifting global trade patterns. He emphasised that despite geopolitical volatility, India presents an attractive proposition with its rule of law, non- discrimination policies, and domestic market of 1.4 billion consumers.

The Union Minister revealed that the European Free Trade Association has committed to bringing technology and investing $100 billion in India. He also highlighted progress on trade agreements with Australia, EU, UK, US, Chile, and Peru. He urged the domestic industry to leverage FTAs.

"Let's all collectively resolve that in the next few years, we'll be investing in taking India to the world. We'll be investing in making India the best in the world," Goyal concluded.

Shri Piyush Goyal also felicitated FICCI’s past presidents during the ceremony, in which FICCI President Shri Harsha Vardhan Agarwal reflected on FICCI’s history and highlighted the organisation’s pioneering initiatives. 

 

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PIB Mumbai | SR/ SC/ DR

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