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India will play an "increasing role" in the revival and restoration of international economies in the post-Covid world, Union Commerce & Industry Minister Piyush Goyal said on Thursday.

In his address to the CII Manufacturing Conclave 2022 on Thursday, Goyal said in the "post-Covid world, we are going to see a new world order".

"We do have international geopolitical uncertainties as we see today on the Ukraine-Russia crisis, but I am very confident that India will play an increasingly important role in the revival and restoration of international economies in the years ahead," he said, as per an official statement.

"Personally I think we can still aim for the $5 trillion economy by 2026 but it's not possible unless all of you participate with full gusto in this very, very ambitious plan."

He called upon the industry to invest heavily in labour-intensive sectors.

"You have the power to lift the millions out of poverty, you have the power to give a better quality of life to the underprivileged. Together we can create not lakhs but crores of jobs in the textiles sector, plastics, footwear, auto components, sports goods, agri/food processing, there are so many sectors where labour is an important element of cost, that's our competitive or comparative advantage that we should leverage," he said at the event.