Commerce and Industry Minister Piyush Goyal on Tuesday asked Indian companies to prioritise domestic industry over overseas suppliers, saying the current geopolitical environment requires businesses to move beyond “business as usual” and work collectively to strengthen India’s economic resilience. Addressing the CII Annual Business Summit, Goyal said Prime Minister Narendra Modi was sending a “wake-up call” to industry and citizens amid growing global challenges. 

The minister’s comments come at a time when businesses globally are grappling with supply chain disruptions, geopolitical tensions, and trade uncertainties arising from conflicts in regions such as West Asia. 

Wake-up call

“It is only the need of the hour that we have to strengthen the Indian spirit. The global situation is well known to all of us; we are all conscious of geopolitical challenges. What we need today is a wake-up call, and what Prime Minister Modi has attempted to do is to make it clear that business as usual cannot continue,” Goyal said. 

According to Goyal, India has historically performed strongly during periods of adversity and stressed the need for closer collaboration between the government, industry and citizens. “It cannot be the government versus industry; it is the government and business and industry and the people of India,” the minister said. 

India spirit

Framing his remarks around what he called the “India spirit”, Goyal said the country has the capability “to defend and fortify ourselves against any challenges” despite geopolitical, technological, and economic disruptions affecting global markets. He also highlighted India’s macroeconomic resilience amid growing uncertainty across the world economy. 

“The economy remains robust,” the minister said, citing strong foreign exchange reserves, export performance and remittance inflows. 

Referring to international benchmarks, Goyal said the International Monetary Fund considers countries with 8-12 months of import cover through foreign exchange reserves to be in a strong position. 

An all-time high in exports

“We have 11 months covered on our imports,” he said. Goyal also noted that India recorded an all-time high in exports during the year despite global volatility. “We have had a record year in exports, roughly $863 billion in total, an all-time high,” he said, adding that India’s combined goods and services trade deficit remained lower than annual remittance inflows. 

Meanwhile, the free trade agreement between India and Oman is expected to come into force from June 1, Goyal said. The pact was signed in December 2025.