Union Minister of Commerce & Industry, Shri PiyushGoyal, on Monday said that India is well poised to convert the current global situation into an opportunity, just as it did during the Covid-19 pandemic and in the late 1990s when the Indian IT sector leveraged the Y2K bug crisis to mark its emergence on the global stage.

Addressing the foundation day of FICCI,  in Mumbai, Shri Goyal underscored the need for unity and collaboration among nations and industries to tackle evolving global challenges. “We are all in it together. All well-meaning countries and businesses must address these challenges collectively and convert them into opportunities,” he said.

He emphasized that the collective consciousness of the Indian industry can help drive the country towards self-reliance and sustained growth. “We need to support each other. We need to have a nationalist outlook,” he said, adding that Indian companies must work in the spirit of collaboration and shared purpose.

Referring to Mahatma Gandhi’s 1931 address to FICCI, the Minister said that Indian industry should place nationalism at the heart of its work. “Prime Minister Shri Narendra Modi truly embodies this spirit through his vision of Viksit Bharat, inclusive growth, and delivering the benefits of economic progress to the last person in the queue,” he said.

Shri Goyal urged Indian businesses to support each other, focus on quality, and avoid the pitfalls of short-term gains. He warned against predatory pricing and over-dependence on cheap imports. “Low-cost goods may seem attractive today, but in the long run, they can hurt businesses and economies. This has been evident in several parts of the world where supply chains have collapsed due to over-dependence on a single geography,” he noted.

He pointed out that resilient and diversified supply chains, along with energy and food security, have become global priorities. “More and more developed countries are recognising that this is not just about geopolitics, but about national resilience and self-reliance, especially in critical technologies,” he said.

The Minister stressed that India’s demographic dividend, a 1.4 billion-strong consumer base, and the fastest-growing economy in the world present an unparalleled opportunity. “From a $4 trillion economy today, India is poised to grow to $30-35 trillion in the next 25 years. We have an opportunity of a lifetime,” he declared.

Calling on industry stakeholders to seize this moment, he said, “Be a part of the solution, be a part of this moment in history. If we all come together with determination, India is unstoppable.”

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Abhishek Dayal/ Abhijith Narayanan/ Ishita Biswas

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