Union Minister of Commerce and Industry Piyush Goyal on Tuesday, 12 May 2026 said the Indian economy has continued to show resilience amid global geopolitical and economic challenges, backed by strong fundamentals and growing international confidence in India. Speaking at the Confederation of Indian Industry (CII) Annual Business Summit 2026 in New Delhi, Goyal called on corporate India to deepen domestic industrial cooperation and move away from what he described as a "business as usual" approach.

The Core Message: Unity Over Dependence

Goyal framed his address around what he called the "India spirit" — the country's demonstrated ability to emerge stronger from successive global crises. He stressed that closer collaboration between the government, businesses, and citizens would be critical to safeguarding economic resilience going forward.

"It cannot be the government versus the industry, it is the government and business and industry and the people of India," Goyal said.

Invoking recent appeals by Prime Minister Narendra Modi for economic discipline and self-reliance, Goyal described the current moment as a "wake-up call" for Indian enterprises.

Push for Domestic Sourcing and Industrial Linkages

In a pointed message to corporate India, Goyal urged companies to prioritise domestic suppliers over overseas sourcing. Drawing comparisons with industrial coordination models in Japan and South Korea, he argued that Indian businesses must develop stronger domestic linkages for long-term national and corporate benefit.

"Indian industry must learn to support each other. Look at the Korean and Japanese style of working," he said.

Goyal also questioned what he characterised as short-sighted thinking within the private sector: "How long are we going to be myopic in our views that we don't recognise that the common good of Indian industry will help our individual futures also."

Industry Must Take Ownership, Not Just the Government

Calling domestic industrial cooperation an "imperative" rather than merely a suggestion, Goyal said industry itself must take responsibility for strengthening India's economic ecosystem — rather than relying solely on government intervention.

"It doesn't need governments to stop Indian steel from going to Korea and Japan. Industry make sure they support each other," he said.

Broader Context: Supply-Chain Resilience in Focus

The minister's remarks come at a time when nations across the world are increasingly prioritising supply-chain resilience, domestic manufacturing, and strategic trade dependencies, amid continuing geopolitical tensions and volatility in global energy markets. India's push for self-reliance aligns with a broader global trend of de-risking critical supply chains — a shift accelerated by disruptions over recent years.

With the CII Annual Business Summit 2026 bringing together key stakeholders from government and industry, Goyal's address signals that New Delhi expects the private sector to play a more proactive role in building economic durability — not just as beneficiaries of policy, but as active architects of national resilience.