Embracing Economic Nationalism: A Call to Indian Industry

Union Commerce and Industry Minister Piyush Goyal urges Indian businesses to support domestic suppliers over cheaper imports, invoking Mahatma Gandhi's ethos. He underscores India's appeal amid global trade shifts, with investments promised by the European Free Trade Association and progress on trade agreements.

Union Commerce and Industry Minister Piyush Goyal encouraged Indian businesses to adopt 'economic nationalism' during his speech at the 98th Foundation Day celebrations of FICCI. He urged the industry leaders to prioritize local suppliers over cheaper imports, aligning with nationalist ideals.

Goyal pointed to examples from Japan and Korea, where domestic industries support local suppliers as part of a 'collective conscience,' despite existing free trade agreements. This call comes as India seeks to establish itself as a manufacturing hub amid evolving global trade dynamics.

The minister highlighted India's attractiveness as a business destination, with commitments from the European Free Trade Association to invest USD 100 billion and ongoing trade agreement negotiations. Goyal emphasized India's path to becoming a global economic leader as FICCI approaches its centenary.

(With inputs from agencies.)