Commerce and Industry Minister Piyush Goyal on Monday called upon exporters to prioritize local supply chains to safeguard India’s economic security in the face of global trade disruptions. Speaking at the platinum jubilee celebrations of the Engineering Exports Promotion Council (EEPC), Goyal underlined the importance of Atmanirbhar Bharat as protectionist policies and export restrictions by other nations threaten domestic industries.
He cited recent Chinese curbs on rare earth magnets, which have disrupted production schedules in India’s automobile and electronics sectors, as a reminder of the risks of over-dependence on foreign supplies.
The minister also urged industry players to pass on the benefits of recent GST reductions to consumers, noting that a simplified indirect tax system and lower rates would boost domestic demand and economic growth. India’s economy grew 7.8% in the first quarter of FY 2025-26, surpassing estimates, driven largely by services.
Goyal assured exporters that the government is working to create an enabling environment to navigate challenges from rising tariffs and global uncertainties. He emphasized the need for upgrading product quality, aligning with global standards, diversifying supply chains, and exploring new markets.
Minister of State for Commerce and Industry, Jitin Prasada, also addressed the gathering, urging exporters to embrace new technologies and sustainable practices. “Geopolitical tensions and rising protectionism pose uncertainties, but I am confident our exporters will rise to the occasion with innovation and resilience,” he said.
Last week, Goyal chaired a meeting with Export Promotion Councils and industry associations to chart a forward-looking strategy. He reiterated the government’s commitment to supporting exporters through ease of doing business reforms, targeted trade support, and timely policy interventions to sustain export growth.
