India well poised to convert current global situation into opportunity: Commerce Minister
Underscoring the need for unity and collaboration among nations and industries to tackle evolving global challenges, Union Minister of Commerce & Industry, Piyush Goyal has said that India is well poised to convert the current global situation into an opportunity, just as it did during the Covid-19 pandemic and in the late 1990s when the Indian IT sector leveraged the Y2K bug crisis to mark its emergence on the global stage.
Minister further emphasized that the collective consciousness of the Indian industry can help drive the country towards self-reliance and sustained growth. Goyal urged Indian businesses to support each other, focus on quality, and avoid the pitfalls of short-term gains. He also warned against predatory pricing and over-dependence on cheap imports. He noted ‘Low-cost goods may seem attractive today, but in the long run, they can hurt businesses and economies. This has been evident in several parts of the world where supply chains have collapsed due to over-dependence on a single geography’.
Goyal pointed out that resilient and diversified supply chains, along with energy and food security, have become global priorities. Minister said ‘More and more developed countries are recognising that this is not just about geopolitics, but about national resilience and self-reliance, especially in critical technologies’. Minister stressed that India’s demographic dividend, a 1.4 billion-strong consumer base, and the fastest-growing economy in the world present an unparalleled opportunity. He said ‘From a $4 trillion economy today, India is poised to grow to $30-35 trillion in the next 25 years. We have an opportunity of a lifetime.’
