Commerce Minister Piyush Goyal revealed that India was severely impacted during the Covid pandemic due to supply chain disruptions. According to reports from Business Standard, Goyal told the New Economy Forum in New Delhi that "wherever we had placed orders for personal protective equipment or Covid kits or vaccines, we were let down miserably by all countries." The minister clarified that this criticism was not directed at any particular nation, highlighting the global nature of supply chain vulnerabilities during the health crisis. As per Business Standard, Goyal contrasted these difficulties with India's efforts to supply medicines and food grains to countries facing shortages, emphasizing that the experience had strengthened the government's resolve to build domestic manufacturing capabilities.
Goyal specifically addressed vaccine procurement difficulties during the pandemic. As reported by Business Standard, he stated that "when we needed Pfizer and Moderna vaccines, the West refused to give it to us. They even refused to make an application to get the vaccine into the Indian market, even though we were willing to waive all the conditions." This experience prompted the government to recognize the need for greater self-reliance in critical sectors, particularly in semiconductors where the minister stressed the importance of developing domestic manufacturing capabilities.
In response to these challenges, Prime Minister Narendra Modi announced the Atmanirbhar Bharat (self-sufficient India) initiative, according to Business Standard. Goyal emphasized that this call came directly from the Prime Minister's recognition of the vulnerabilities faced by India, a nation of 1.4 billion people, during the pandemic when supply chains were disrupted. The minister stressed that India's push for self-reliance did not mean withdrawing from international trade, stating "We do not believe in isolation" and pointing to India's expanding network of free trade agreements.
India has significantly expanded its international trade partnerships, entering into trade agreements with 38 developed nations over the past four to five years, covering economies with a combined GDP of around $70 trillion, as reported by Business Standard. The minister referred to ongoing trade negotiations involving the Gulf Cooperation Council, Mexico, Canada, Mercosur and Eurasia as part of India's effort to broaden its trading partnerships. Goyal emphasized that "Technology will not be a preserve of a few countries" and that different countries would contribute different strengths to the emerging technology ecosystem, with some providing talent, others markets, while still others would supply equipment and manufacturing capabilities.
