Economic Nationalism: Embrace Domestic Suppliers, Urges Minister Goyal

Minister Piyush Goyal advocates for 'economic nationalism' by encouraging Indian businesses to prioritize domestic suppliers. During FICCI's 98th Foundation Day in Mumbai, he highlighted India's strengths amid global trade shifts and announced significant technology investment from the European Free Trade Association.

Union Commerce and Industry Minister Piyush Goyal has called on Indian businesses to embrace 'economic nationalism,' urging them to support domestic suppliers instead of opting for marginally cheaper imports. Speaking at the 98th Foundation Day celebrations of the Federation of Indian Chambers of Commerce & Industry (FICCI) in Mumbai, Goyal invoked the nationalist ethos of Mahatma Gandhi. He appealed to India's industrial leaders to prioritize domestic value chains, even when foreign alternatives seem more economical in the short term, citing countries like Japan and Korea as examples where local industries consistently support domestic suppliers despite free trade agreements.

As India emerges as a viable manufacturing alternative amid shifting global trade patterns, Goyal emphasized that the nation offers a compelling proposition with its strong rule of law, non-discriminatory policies, and a vast domestic market of 1.4 billion consumers. An official release highlighted the commitment of the European Free Trade Association—comprising Switzerland, Norway, Liechtenstein, and Iceland—to invest USD 100 billion in India and bring in advanced technology. Additionally, Goyal spotlighted ongoing trade agreement discussions with Australia, the EU, the UK, the US, Chile, and Peru, urging Indian industries to leverage these Free Trade Agreements (FTAs).

Reflecting on the approaching centenary of FICCI and India's trajectory to become the world's third-largest economy, Goyal called on Indian industry to unite in taking India global. The minister also honored FICCI's past presidents, as FICCI President Harsha Vardhan Agarwal celebrated the organization's historical role in shaping India's economic landscape since 1927. Agarwal described the ceremony as a family gathering, underscoring the legacy of India's pioneering business leaders.

(With inputs from agencies.)