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As on : 08-Apr-2025

Economy - Reports
08-Apr-2025 12:37

Piyush Goyal asks Indian businesses to support domestic suppliers

Commerce and Industry Minister Piyush Goyal has asked 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, Minister 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. He noted 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. Goyal opined that India is progressing toward becoming the world's third-largest economy, adding that the country's growing role in Global Capability Centers, with over 1,700 now operating in India with significant expansion plans.

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