Piyush Goyal Urges Indian Businesses to Prioritise Local Suppliers Over Imports

Piyush Goyal Champions ‘Economic Nationalism’ to Boost Local Supply Chains at FICCI’s 98th Foundation Day

 In a powerful call to action, Union Commerce and Industry Minister Piyush Goyal urged Indian businesses to embrace economic nationalism and prioritize domestic suppliers over marginally cheaper imports. Speaking at the 98th Foundation Day of FICCI (Federation of Indian Chambers of Commerce & Industry) in Mumbai, Goyal emphasized the strategic importance of building resilient local value chains as India rises on the global economic stage.

Invoking the nationalist spirit of Mahatma Gandhi, Goyal encouraged industry leaders to make purchasing decisions rooted not just in cost, but in conscience. He pointed to examples from Japan and South Korea, where local supply chains are protected even in the face of free trade, as models India could emulate.

“Let’s resolve to invest in taking India to the world and making India the best in the world,” Goyal said to a packed gathering of industry leaders, FICCI members, and government officials.

India Positioned as Global Manufacturing Hub

As global trade patterns shift due to geopolitical tensions, Goyal asserted that India stands out as a stable and attractive destination for manufacturing. He highlighted India’s robust democratic framework, policies promoting non-discrimination, and a vast domestic market of 1.4 billion consumers as key assets for investors.

Notably, he announced a major milestone—the European Free Trade Association (EFTA) comprising Switzerland, Norway, Liechtenstein, and Iceland, has committed to investing $100 billion in India, bringing in cutting-edge technology and manufacturing capabilities.

He also cited ongoing progress in Free Trade Agreements (FTAs) with major economies including the EU, UK, US, Australia, Chile, and Peru, encouraging Indian businesses to leverage these global opportunities.

FICCI Celebrates 98 Years of Industry Leadership

The event celebrated 98 years of FICCI’s contributions to India’s industrial and economic growth. In a heartfelt ceremony, Minister Goyal felicitated 34 Past Presidents of FICCI, honouring their leadership and legacy.

FICCI President Harsha Vardhan Agarwal called the gathering a “family reunion,” acknowledging the descendants of FICCI’s founding industrialists.

“FICCI anticipated industry’s needs long before they became national priorities,” Agarwal remarked, underlining the organisation’s pioneering spirit.

Harsh Pati Singhania, Chairman and MD of JK Paper and Past President of FICCI, traced FICCI’s roots to its support for economic nationalism, emphasizing how the organization has consistently championed Atmanirbhar Bharat.

Business Leaders Echo Support for Government Vision

Anant Goenka, Senior Vice President of FICCI and Vice Chairman of RPG Group, expressed strong alignment with the government’s focus on skills, scale, and speed, acknowledging the urgency of capacity building to drive India’s global ambitions.

Jyoti Vij, Director General of FICCI, added that the organization is committed to preserving the values and governance ethics of its founders as it approaches its centenary in 2027, aiming to contribute to a Viksit Bharat (Developed India).

Fireside Chat Highlights Global Economic Challenges

A highlight of the celebration was a fireside chat with Dr. Ram Charan, globally acclaimed business advisor, who shared insights on the “New Global Disorder: Technology, Trade & Disruptions.” He addressed concerns over policy uncertainty and shifting global trade dynamics, providing guidance on navigating the evolving international economic landscape.

Remembering Mahatma Gandhi’s 1931 Address

The Foundation Day also paid tribute to Mahatma Gandhi’s historic speech at FICCI’s 4th AGM in 1931, where he envisioned Indian business as a force for social good. The spirit of that vision echoed through the event, linking the past with a forward-looking commitment to entrepreneurship, innovation, and inclusive growth.