NEW DELHI, May 13: Commerce and Industry Minister Piyush Goyal on Tuesday urged Indian industries to treat ongoing global disruptions as an opportunity to become more self reliant, competitive, and innovation-driven.
Addressing the annual session of the Confederation of Indian Industry (CII), the minister said current geopolitical and economic challenges should serve as a “wake-up call” for India Inc to reduce excessive dependence on imports and strengthen domestic manufacturing capabilities.
Goyal emphasised that Indian businesses must focus on productivity enhancement, technology adoption, and long-term strategic planning to remain globally competitive in an increasingly uncertain environment.
The minister highlighted the importance of leveraging free trade agreements and strengthening supply chain resilience while expanding India’s export potential across sectors including manufacturing, electronics, pharmaceuticals, and green technology.
Industry leaders attending the event discussed concerns related to rising global energy prices, trade disruptions, and financial market volatility triggered by tensions in West Asia.
Business analysts observed that Indian companies are facing a complex economic landscape marked by higher input costs, currency fluctuations, and shifting international trade dynamics. However, experts also pointed out that India’s domestic demand continues to provide significant support to economic activity.
Several industry representatives stressed the need for policy stability, infrastructure development, and easier regulatory processes to maintain investment momentum.
The Centre has recently accelerated efforts to strengthen manufacturing and industrial growth through production-linked incentive schemes, infrastructure spending, and sector-specific reforms.
Economists believe India’s economic resilience will depend heavily on its ability to improve manufacturing competitiveness and reduce vulnerability to global supply disruptions.
The minister also highlighted the importance of innovation and entrepreneurship in building long-term economic strength. He said India has the potential to emerge as a leading manufacturing and technology hub if industries adapt quickly to changing global conditions.
Meanwhile, concerns regarding rising fuel prices and pressure on foreign exchange reserves have added urgency to discussions around self-reliance and import management.
Industry observers said Indian businesses are likely to increase focus on localisation strategies, renewable energy adoption, and domestic sourcing in the coming months.
Experts noted that the evolving global environment may create new opportunities for Indian manufacturers seeking to diversify exports and attract international investments.
The discussions at the CII meeting reflected growing efforts by policymakers and businesses to balance economic growth with external challenges and geopolitical uncertainty.