Piyush Goyal urges industry to use global crisis as growth opportunity

Commerce and Industry Minister Piyush Goyal addressed the Indian industry at the Confederation of Indian Industry’s (CII) annual business meeting in New Delhi, urging them to treat global disruptions—including the West Asia conflict—as a catalyst for growth. He called for reducing import reliance, faster adoption of electric vehicles, and leveraging artificial intelligence, robotics, and quantum computing to boost competitiveness. Goyal framed the current challenges as a ‘wake-up call’ for India to become more self-sufficient, productive, and globally competitive, aligning with Prime Minister Narendra Modi’s vision. The minister stressed that India must use free trade agreements more effectively and support domestic industries by reducing dependence on foreign supply chains. He highlighted AI’s role beyond cost-cutting, urging businesses to integrate it for expansion, efficiency, and market growth. Goyal also emphasized training employees to adapt to technological shifts, warning that sectors facing disruption must proactively prepare. Referring to Modi’s export target of USD 2 trillion, Goyal urged industries to prioritize business travel, exports, and foreign exchange earnings while curbing non-essential spending. He dismissed concerns about demand for gold, stating it fell outside his portfolio, but reiterated the need for resilience against supply chain shocks. The minister drew parallels with Japan and South Korea, encouraging industries to collaborate and indigenize production. Goyal dismissed pessimism, calling the current situation an opportunity rather than a problem. He urged industries to embrace AI, robotics, and quantum computing as ‘force multipliers’ for long-term growth. The speech underscored India’s historical ability to turn crises into opportunities, with Goyal urging businesses to act collectively for sustained economic strength.