Union Commerce and Industry Minister Piyush Goyal on Monday urged Indian businesses to adopt a mindset of "economic nationalism" by prioritizing local suppliers over slightly cheaper imports. Speaking at the 98th Foundation Day of FICCI in Mumbai, Goyal echoed Mahatma Gandhi’s nationalist philosophy, appealing to Indian industry leaders to favor domestic value chains, even if global alternatives may offer short-term savings. He referenced Japan and Korea as examples where local businesses consistently support domestic suppliers despite having free trade agreements, viewing it as part of their "collective conscience."

Goyal’s remarks come at a time when India is aiming to position itself as a major global manufacturing hub amid shifting global trade dynamics. He stressed India’s strengths—such as a reliable legal system, fair trade practices, and a vast market of 1.4 billion people—as key factors making the country an attractive destination for investment despite global uncertainties.

The minister announced that the European Free Trade Association—which includes Switzerland, Norway, Liechtenstein, and Iceland—has pledged a $100 billion investment in India along with technology partnerships. He also cited ongoing progress on trade agreements with several countries, including Australia, the EU, the UK, the US, Chile, and Peru, and encouraged Indian industries to take full advantage of these FTAs.

Goyal emphasized that India is steadily advancing toward becoming the world’s third-largest economy, a milestone expected to align with FICCI’s centennial celebrations. He also pointed to India’s expanding role in Global Capability Centers, noting that more than 1,700 are currently operating in the country, with many more expected. He concluded with a forward-looking message: “Let us resolve that in the coming years, we will invest in taking India to the world and making it the best in the world.”

During the event, Goyal also honored FICCI’s past presidents. FICCI President Harsha Vardhan Agarwal reflected on the organization’s legacy, emphasizing its long-standing role in shaping India’s economic future since 1927. He described the event as more than a ceremony—it was a “family gathering,” celebrating both achievements and the heritage of India’s industrial pioneers.

Past President Harsh Pati Singhania, Chairman and MD of JK Paper, highlighted FICCI’s foundational commitment to economic nationalism, noting its consistent advocacy for self-reliance and industrial growth, aligning with the spirit of Atmanirbhar Bharat. Anant Goenka, Senior Vice President of FICCI and Vice Chairman of RPG Group, appreciated Minister Goyal’s vision and pledged to carry forward the focus on “skills, scale, and speed” emphasized by Prime Minister Modi.

FICCI Director General Jyoti Vij acknowledged the contributions of past leaders, stating that their legacy and values would guide FICCI’s journey toward a developed India (Viksit Bharat) as it approaches its 100th anniversary in 2027. A highlight of the event was a fireside chat with global business advisor Dr. Ram Charan, who spoke on “New Global Disorder: Technology, Trade & Disruptions,” covering topics such as policy instability, trade realignment, and geopolitical challenges. The celebrations also remembered Mahatma Gandhi’s historic speech at FICCI’s fourth AGM on April 7, 1931, where he advocated for businesses to serve society—a vision that continues to inspire the organization today.

Disclaimer: This image is taken from PTI.