NEW DELHI — India’s economy has continued to show resilience despite global geopolitical and economic challenges, Commerce and Industry Minister Piyush Goyal said Tuesday.
Speaking at the CII Annual Business Summit 2026 in New Delhi, Goyal said India has repeatedly emerged stronger from global crises, supported by strong economic fundamentals and growing international confidence in the country.
He said closer cooperation among the government, businesses and citizens will be critical to protecting India’s economic resilience. Goyal also urged Indian companies to prioritize domestic suppliers and strengthen industrial cooperation within the country, saying the current global environment requires a shift away from “business as usual.”
“What we need today is a wake-up call,” Goyal said, referring to recent calls 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.
Goyal said what he called the “India spirit” gives the country the ability “to defend and fortify ourselves against any challenges” despite rising geopolitical, technological and economic pressures around the world.
In a message to corporate India, Goyal urged companies to support domestic producers and suppliers rather than relying too heavily on overseas sourcing.
Drawing comparisons with industrial coordination in Japan and South Korea, he said Indian businesses need to build stronger domestic linkages for the long-term benefit of both the country and individual companies.
“Indian industry must learn to support each other. Look at the Korean and Japanese style of working,” Goyal 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,” he said.
Goyal said strengthening India’s economic ecosystem is an “imperative,” not just a suggestion, and that industry must take responsibility rather than depending only on government action.
“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 comments come as countries around the world place greater emphasis on supply-chain resilience, domestic manufacturing and strategic trade dependencies amid geopolitical tensions and volatile energy markets. (Source: IANS)
