Commerce and industry minister Piyush Goyal on Tuesday emphasized that the ongoing West Asia crisis should serve as a "wake-up call" for Indian industry to transform into a self-reliant and productive economy. Speaking at the CII annual meeting, Goyal outlined a comprehensive strategy for Indian businesses to navigate current global uncertainties while positioning India for future growth opportunities. Addressing the CII Annual Business Summit 2026, Goyal said Prime Minister Narendra Modi was sending a "wake-up call" to industry and citizens amid growing global challenges, stating "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 reinforced India's commitment to achieving the $2 trillion exports target while addressing business travel concerns. According to reports from The Times of India, the minister clarified that Prime Minister Narendra Modi has not requested a reduction in business travel but has focused on reducing leisure travel to save foreign exchange. He urged businesses to continue international engagement, stating "Please go to the world for business, spend money to get more money, get more forex into the country, get export orders, lead delegations to the world. You have to achieve the USD 2 trillion exports target." Calling on industry to work towards the target of $2 trillion of exports over the next five to six years, the minister said the goal was achievable with annual export growth of around 15%. These remarks came in the backdrop of Modi's suggestions to reduce petrol and diesel consumption, using Metro rail services in cities, carpooling, increased use of electric vehicles, and working from home to conserve foreign exchange amid the ongoing crisis in West Asia.
India achieved an all-time high in exports of approximately ₹7,200 crore ($863 billion) during the year despite global volatility, as reported by The Times of India. Goyal highlighted that India recorded an all-time high in exports, roughly $863 billion in total, an all-time high and noted that India's combined goods and services trade deficit remained lower than annual remittance inflows. The minister emphasized India's macroeconomic resilience, stating "The economy remains robust," citing strong foreign exchange reserves, export performance and remittance inflows. As per Mint, Goyal said India remains the fastest-growing large economy and is set to record all-time high exports of nearly $863 billion this year, with the country having nearly 11 months of import cover in foreign exchange reserves. The world is going through a challenging time as the war in West Asia has certainly disrupted global trade and investment flows, but in these "trying times," India has a great opportunity to outshine others.
Goyal called for greater efficiency across sectors, urging industry to focus on reducing waste, improving productivity and cutting the import bill in every possible way. Referring to the LED lighting programme launched in 2015, he said energy-efficiency measures have helped save nearly $10 billion annually in energy costs while also contributing to sustainability and environmental protection. He called for faster adoption of electric vehicles as it will help cut the country's oil bills massively, emphasizing that "I do not see any reason to be concerned. I think we need to be empowered." He urged businesses to move from "assembled in India" to "designed, engineered and manufactured in India" and stressed that quality should be non-negotiable and Indian manufacturing standards must rise to global levels. The government's huge investments in infrastructure and mobility and the industry's effort to bring down import bills "in whatever form it may be" will make the country stronger.
Goyal urged industry to leverage artificial intelligence, robotics and quantum computing as force multipliers for growth and competitiveness, stating that "AI should not be viewed merely as a cost-cutting tool but as an instrument for business expansion, efficiency and market growth." He called upon industry bodies to deeply reflect on the transformative potential of artificial intelligence and examine areas where AI can make businesses smarter, more productive and globally competitive. The minister emphasized that "Indian industry must learn to support one another, similar to the way businesses operate in Japan and South Korea. Focus on supporting each other, focus on faster indigenisation, make sure that your businesses are resilient to supply chain shocks, make sure you are not overtly dependent on any one or two geographies in your business." Highlighting the rapid growth of global capability centres (GCCs), Goyal said nearly 1,800 GCCs are already operating in India and another 500 are expected in the coming years, with exports from GCCs growing nearly 40-50 per cent annually and standing around USD 50 billion, employing nearly two million people directly.
Goyal announced significant developments in India's free trade agreements, revealing that the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is expected to come into force from June 1. The pact was signed last December, with the Oman delegation currently in India to discuss ways to boost trade and investments. The agreement will provide duty-free access to 98% of India's exports-including textiles, agriculture and leather goods-in Oman, while India will reduce tariffs on Omanese products such as dates, marbles and petrochemical items. Regarding future FTAs, Goyal said a good free trade agreement (FTA) can be concluded with Chile if India gets a favourable deal on critical minerals and mining. He has held a meeting with Chile's foreign affairs minister Francisco Perez Mackenna along with members of the Chilean delegation, noting that India and Chile implemented a preferential trade agreement (PTA) in 2006 and are now negotiating to widen its scope for a CEPA. The minister remarked that trade pacts with Japan, South Korea and ASEAN nations were signed and implemented during the Congress regime, with which he said the Indian industry is not happy, as imports from these regions are burgeoning while India's exports are almost flat.
