“Indian Economy Remains Resilient”: Piyush Goyal

• Piyush Goyal addresses CII Annual Business Summit in Delhi
• India set to achieve record exports of nearly USD 863 billion
• Minister urges industry to boost productivity and reduce imports
• Goyal says AI and FTAs will drive future economic growth

GG News Bureau
New Delhi, 12th May: Union Commerce and Industry Minister Piyush Goyal on Monday said the Indian economy has demonstrated resilience amid global geopolitical and economic uncertainties and remains the world’s fastest-growing large economy.

Addressing the Confederation of Indian Industry Annual Business Summit in New Delhi, Goyal said India’s strong economic fundamentals and rising global confidence had helped the country withstand global disruptions.

He said India is expected to achieve an all-time high export figure of nearly USD 863 billion this year while maintaining strong foreign exchange reserves with almost 11 months of import cover.

The Minister added that India’s combined trade deficit in goods and services remained significantly lower than annual remittances received by the country.

‘Global Challenges Are a Wake-Up Call’
Goyal said global crises should be viewed as an opportunity for India to improve efficiency, productivity and self-reliance.

He stressed that the government and industry must work together to strengthen the vision of Atmanirbhar Bharat under the leadership of Prime Minister Narendra Modi.

“India must use global challenges as a wake-up call to become more efficient, reduce waste, improve productivity and lower the import bill,” Goyal said.

The Minister highlighted initiatives such as the LED lighting programme launched in 2015, saying energy efficiency measures were helping save nearly USD 10 billion annually.

He urged industries to focus on reducing wastage and increasing competitiveness across sectors.

FTAs, AI and GCCs to Drive Growth
Goyal said India’s recent Free Trade Agreements with developed economies would provide access to large global markets and help attract investments and boost exports.

According to him, the nine FTAs signed over the past three-and-a-half years with 38 countries were aimed at strengthening India’s global economic position.

The Minister also encouraged industries to adopt emerging technologies such as artificial intelligence, robotics and quantum computing.

He said AI should be used to improve productivity and business expansion instead of merely reducing manpower.

“AI will make businesses more efficient and Indian industry should use it to increase productivity,” he said.

Highlighting the rapid rise of Global Capability Centres, Goyal said nearly 1,800 GCCs were currently operating in India and another 500 were expected in the coming years.

He added that exports from GCCs were growing at 40-50 per cent annually and had reached around USD 50 billion.

Push for ‘Designed and Manufactured in India’
The Commerce Minister called on Indian industry to move from “assembled in India” to “designed, engineered and manufactured in India”.

He said quality should become non-negotiable and urged companies to focus on “zero defect, zero effect” manufacturing practices.

Goyal also stressed greater investments in research, innovation and sustainability while calling on Indian businesses to align domestic standards with global benchmarks.

He expressed confidence that India could achieve a USD 2 trillion export target over the next five to six years with sustained annual export growth of around 15 per cent.