Union Minister Piyush Goyal lauds Indian economy’s performance amid West Asia crisis

Added: 2026-05-13

[00:00:01]Thank you very much, Rajiv, for the generous comments also about my hairstyle.

[00:00:11]You're the second person after Jairam Ramesh who's very interested in my hairdo.

[00:00:18]I just hope the same thing doesn't happen to you what has what the people have done to Jairam and his party.

[00:00:30]Our evergreen hero of CII, Mr. Chandrajit Banerjee, the president of the Import-Export Committee of CII, Mr. Sanjay Budhia, somebody I really look up to for cutting-edge technologies and the wonderful work he does.

[00:00:53]I also fight a lot with Sanjay that he needs to grow much faster to capture these opportunities around the world, but somebody who really makes world-class machine tools, Mr. Sanjay Jayavardhanavelu, my good friend Amit Kalyani, with whose father I was sharing the enjoyable Bajaj at 100 evening yesterday.

[00:01:26]Another company that makes us proud for their fabulous achievements in terms of defense, auto components, truly cutting-edge technology stuff, which will remain ever relevant irrespective of any amount of AI.

[00:01:46]I'm pitching a pitch for investments in Kalyani boss.

[00:01:54]Mr. Rahul Garg, all the captains of industry distinguished delegates friends from the media ladies and gentlemen, a very very good afternoon to all of you.

[00:02:09]Thank you very much for giving me this opportunity to share some thoughts with you and take forward the very appropriate theme for today where you're discussing the future.

[00:02:25]What would be India's trade strategies in this fragmented world order as we vision the India of tomorrow, the India at 2047.

[00:02:41]Only yesterday, friends, we completed 75 years of Pran Pratishtha of Somnath Mandir in Gujarat.

[00:02:54]Somnath Temple is not just a Jyotirlinga temple we all revere.

[00:03:02]It's a symbol of a confident and resurgent Bharat.

[00:03:09]I don't know how much you read up about Somnath's reconstruction.

[00:03:16]It's a temple which has seen thousands of years of destruction, repeated attacks.

[00:03:24]But we have always come back. It has always been rebuilt.

[00:03:28]It has always come back to as a place of dedication, as a place of service.

[00:03:36]And in that sense it's the spirit of Sardar Patel that we see when we look at Somnath Temple today.

[00:03:46]We find in the Somnath Temple a focus which is very relevant to today's economy.

[00:03:55]Because Somnath Mandir is reflective of Atmanirbhar Bharat.

[00:04:02]It's reflective of Bharat ka Atma Vishwas.

[00:04:09]And it's reflective on our Atma Raksha.

[00:04:16]Atmanirbhar because despite any challenges, India bounces back.

[00:04:24]And bounces back bigger and better.

[00:04:30]Come what may, the self-confidence that India has today is unmatched anywhere in the world.

[00:04:41]And we all collectively recognize that whether it's geopolitical challenges, whether it's economic challenges, whether it's technological challenges, India has the ability to defend, to fortify ourselves against any challenges that are thrown on us.

[00:05:07]And all of these collectively is the India of today, ready to take on the future.

[00:05:19]Just yesterday the Bajaj family celebrated 100 years.

[00:05:25]Incidentally, Rahul Bajaj I'm told is the only person to have been president of CII twice.

[00:05:31]So, Rajiv, you have no chance.

[00:05:35]They trouble, they tire you out so much that it only needs a person like Rahul Bhai to have the gumption to take it on twice, I think.

[00:05:46]But look at the story of the Bajaj family.

[00:05:51]A story which has seen three eras, the colonial world under the British when it started, the pre-liberalization, the socialist era in India, and the liberal world in which today the Bajaj Group is growing leaps and bounds year on year.

[00:06:18]A symbol of resilience, but also a symbol of confidence.

[00:06:26]A symbol of a company rooted in tradition, but a mindset which is more modern than the most modern.

[00:06:39]High family traditions and value systems, five generations living and working together.

[00:06:50]I say all this, friends, because they did not only take part in the freedom struggle, they were a big votary of Swadeshi.

[00:07:05]They gave their wealth in charity even when it was not compulsory to do so under the Companies Act.

[00:07:16]And for them, they always believed that the common good prevails over individual good.

[00:07:29]And that, friends, has been a theme that I have shared with all of you on every occasion that I have come and addressed, whether CII, any other association, any sectorial association.

[00:07:49]And I would urge you to look back at the common theme that the Modi government and all of us, part of his team, have consistently maintained over the last 12 years.

[00:08:09]Uh how many times from this podium have I expressed that Indian industry must learn to support each other.

[00:08:20]Look at the Korean style. Look at the Japanese way of working.

[00:08:27]How long are we going to be so myopic in our view that we don't recognize that the common good of Indian industry will help our individual future also.

[00:08:47]Will be good for us individually also.

[00:08:51]That lesson is now no more a suggestion.

[00:08:54]It's becoming an imperative.

[00:08:57]It doesn't need governments to stop Indian steel from going to Korea or Japan.

[00:09:03]Industry make sure that they support each other.

[00:09:08]And if I recall some of my comments made at different podiums to all of you, I would like to just highlight three or four to show you the commonality of thread in the thinking of Prime Minister Narendra Modi and this government.

[00:09:39]Soon after a cabinet meeting, I was addressing the media on 17th May 2017, 9 years ago.

[00:09:50]And I said, and I quote, "Under Prime Minister Modi, we are looking to make India self-reliant in terms of power requirement along with providing carbon-free sources of power, thus improving India's position globally."

[00:10:11]Unquote.

[00:10:13]I was addressing the Economic Times Awards on 1st December 2019 into our second term, when I said, "Our government is happy to carry the Swadeshi tag.

[00:10:32]We believe that our self-reliance, our self-sufficiency, and our self-confidence is going to determine the future of India and the future of the people of India."

[00:10:50]Speaking at the CII celebration of 75 years on 8th August 2020 during COVID, I had said, "Reinforcing the Prime Minister's launch of Atmanirbhar Bharat, Atmanirbhar Bharat can only succeed when you and I put in equal effort.

[00:11:18]When you and I believe in ourselves and in each other.

[00:11:26]When you and I go from a position of confidence and strength.

[00:11:36]And that is what in a way the Prime Minister had said when he launched Atmanirbhar Bharat. It would have to be a collective action.

[00:11:47]All of us are in it together.

[00:11:51]It cannot be the government versus the industry.

[00:11:59]It is the government and business and industry and the people of India.

[00:12:08]In fact, I gave one budget in 2019 that interim budget.

[00:12:14]If I remember correctly, I had ended by saying this that when 120 crore Indians, at that time it was 120 crores.

[00:12:22]When 120 crore Indians take one step forward, the nation will move 120 crore steps forward.

[00:12:37]In fact, in the same event on VC on 8th August 2020, I had said Atmanirbhar Bharat is not just a slogan.

[00:12:50]It should become the mission of our lives.

[00:12:57]And friends, when I was addressing the India at 75 summit of CII on 12th August 2021, I had mentioned a theme which I have spoken umpteen number of times.

[00:13:15]Our aim is to make brand India a flag bearer of quality, productivity, talent, and innovation.

[00:13:30]Now, these five comments all of them made years ago is what the Prime Minister said day before yesterday.

[00:13:50]It is only the need of the hour that we've got to strengthen the India spirit.

[00:14:03]The global situation is well known to all of us.

[00:14:07]We are all conscious of geopolitical challenges.

[00:14:16]What we need today is a wake-up call.

[00:14:23]And what the honorable Prime Minister has attempted to do is to guide us that it cannot be business as usual.

[00:14:33]And India has always performed best during times of adversity.

[00:14:41]Very often we joke amongst ourselves that the best out of you and me comes out when there's a problem.

[00:14:54]And we convert every crisis into an opportunity.

[00:15:00]There are There could be all sorts of issues that we are confronted with.

[00:15:08]But I don't think any of us has ever buckled under any pressure.

[00:15:13]Any of us has ever given up when we face any challenges. And that's the story of India.

[00:15:24]I mean the world today with with a fragmented geopolitical and business situation is facing a crisis every day.

[00:15:43]But look at the India story within this crisis.

[00:15:50]Our economy remains robust.

[00:15:54]Very strong fundamentals. The IMF says if you have 8 to 12 months of foreign exchange reserves to cover your imports you are considered in a very strong position.

[00:16:09]We have 11 months cover on our imports, 11 months.

[00:16:18]We've had a record year in exports.

[00:16:21]We've exported the final figure will be out in a couple of days, but roughly 800 and 63 billion dollars.

[00:16:35]Which is an all-time high, 863 billion dollars of exports.

[00:16:42]And our trade deficit goods and services together is less than our annual remittances.

[00:16:55]Much less than our remittances.

[00:16:58]And remittances is today's trade.

[00:17:03]In this changing world, you must be reading about our FTAs also having a serious, strong element of mobility partnerships.

[00:17:13]Because trade today also includes people movement.

[00:17:18]The number of people working in the Gulf alone has crossed 10 million.

[00:17:23]Or if you want to go even into finer detail, the number of people working in UAE alone has grown from 1.8 million to 4.5 million in the last 12 13 years.

[00:17:39]This is This is all business that they're going there for. This is all service that India is providing to the world.

[00:17:51]And with such a strong situation, should we not become more ambitious and plan for a brighter future?

[00:18:05]Come to think of it, some of you may recall, 5th January 2015, the honorable Prime Minister of India launched Ujala.

[00:18:15]We've just had the Ujjwala mantri leave.

[00:18:18]Dharmendra Pradhan was petroleum minister when Ujjwala was launched. That is, the cooking gas connections to every household in the country.

[00:18:29]I had launched Ujala, the LED lighting program.

[00:18:35]5th January 2015.

[00:18:39]Was there a crisis at that point of time?

[00:18:44]Did anybody start wondering, "Oh my god, what's the problem?

[00:18:48]Why is the Prime Minister launching an energy-saving LED bulb?

[00:18:56]Do we have a power shortage? Are we going to run out of power?"

[00:19:01]Did any of you think of that?

[00:19:04]Or did you recognize the economic strength that energy efficiency brings to the table.

[00:19:14]How we've been able to save probably 10 billion dollars of energy bills every year, year on year for our consumers.

[00:19:27]And of course, in the process save electricity consumption particularly during peak hours when it's most essential and thereby help the environment. It was a sustainability come efficiency program.

[00:19:44]Done with zero cost to the government.

[00:19:46]People led movement.

[00:19:48]All of you adopted it in your companies.

[00:19:51]The people of India adopted it in their homes.

[00:19:55]Everybody benefited.

[00:19:58]Show me one person who didn't benefit from that.

[00:20:03]When you run your factories and some of you may be using furnace oil.

[00:20:11]I started my career with a small forge shop.

[00:20:17]Very, very small, Amit.

[00:20:19]Don't even But I needed furnace oil for my furnaces 40 years ago.

[00:20:30]And there were two ways I could let my furnace oil my furnace use the same nozzle for maybe two months and not replace it.

[00:20:44]Which would keep guzzling more and more furnace oil.

[00:20:48]Or I had to give it a shut down. Let it cool.

[00:20:52]Replace the nozzle frequently.

[00:20:55]Because furnace oil nozzle tends to expand.

[00:20:59]With usage and passage of furnace oil, which is any case a pretty rough fuel.

[00:21:07]But when we did the maths, it was a no-brainer.

[00:21:11]The saving in furnace oil was far greater than the cost of that nozzle, which was barely a few hundred rupees, I think.

[00:21:22]And I mean, you we all use cars.

[00:21:26]Fuel injection systems, don't they have the nozzle?

[00:21:31]If smartly maintained, can you imagine how much furnace oil how much petrol or diesel we can save?

[00:21:39]How many of us bother about it?

[00:21:43]I don't know. Maybe you all do. You're very smart. You're very conscious.

[00:21:48]Or maybe you are too rich to bother about it.

[00:21:56]I'm just sharing these thoughts to bring to your attention how small actions, collectively by 1.4 billion people, can have transformational results.

[00:22:12]And it's a time it's a wake-up call.

[00:22:14]It's a call to action.

[00:22:18]In every walk of life.

[00:22:21]I I think only last year at the same stage, I had shared with you how the late Piyush Pandey, somebody I've looked up to all my life as the finest creative advertising person that I've met in my life, had gifted me two films when I launched Ujala.

[00:22:49]He made it himself.

[00:22:51]And very simple things.

[00:22:54]They're a bunch of kids at home who are going and in a way cautioning their parents about switching off the air conditioner when they leave the room, switching off the light bulb or the fan bulb, not keeping the car air conditioner on for 20 minutes before you come to the come down to sit in the car.

[00:23:23]Small interventions, big results.

[00:23:31]It's really about efficiency, better productivity, a consciousness that we all need to wake up to.

[00:23:44]Sustainability is all about saving waste.

[00:23:48]And all that we are saying is save that waste.

[00:23:51]It'll help you.

[00:23:53]It'll help the country.

[00:23:56]And I think looking at while the businesses around the world, one can clearly see that while the world is facing so many uncertainties, India continues to be an outlier.

[00:24:12]We continue to show resilience.

[00:24:14]Continue to be confident.

[00:24:17]Continue to be the fastest growing large economy.

[00:24:22]Prime Minister had articulated very beautifully when he said, "When the world talks about slowdown, India writes stories of growth."

[00:24:35]When the world when the world faces a trust crisis, India becomes a pillar of trust.

[00:24:43]And that is all of you.

[00:24:51]And this strength is not accidental.

[00:24:54]This strength comes from a decade of reform under the leadership of Prime Minister Modi. You have elected him thrice as the Prime Minister of the country.

[00:25:07]In October, he will be the longest-serving He's actually the longest-serving head of government between the state and center.

[00:25:16]And in October, he'll complete 25 years.

[00:25:19]First as Chief Minister and then as Prime Minister uninterrupted.

[00:25:23]25 years as head of state and then head of government in the center.

[00:25:30]But you've all trusted him.

[00:25:34]A mandate you've repeatedly reinforced even in state elections.

[00:25:38]I suddenly found all our friends from West Bengal have a voice.

[00:25:52]And more attendance at this summit than ever before.

[00:26:02]So next time Rajiv, when he goes to audit a company in West Bengal, will not have to be worried about getting arrested for some comment he may have made in Delhi.

[00:26:17]Friends, this doctrine of Atmanirbharta this doctrine of self-reliance our confidence in ourselves has not changed.

[00:26:31]It's been our consistent stand.

[00:26:34]And year after year we have tried to bring in programs to encourage this.

[00:26:43]We have tried to work with you as a team to make sure that we don't let any opportunity go by.

[00:26:56]The The theme taken by CII in a way is also reflective of a time to ideate, think of newer ways of doing work, smarter ways.

[00:27:11]For example, I remember I was always a big votary of electric vehicle, something many of you have heard me speak about many times.

[00:27:23]Is it the first time that I'm talking about electrical vehicles?

[00:27:26]Certainly not.

[00:27:28]The first time I spoke was at an Overdrive function at Hyatt Regency when out of the blue, not a part of any script, not a part of any plan, since some cars were being rewarded for good design and I think some motorcycles of electric genre had come in at a CNBC Overdrive Awards function 10 years ago or 11 years ago, I just thrown a number at the at the audience.

[00:28:01]I said I'd love to see an India where every new vehicle sold is an electric vehicle by 2030.

[00:28:13]Smarter people, younger people in the room, not you, Rajiv. No white-haired people.

[00:28:19]The younger guys with black hair.

[00:28:28]Can Google and find my comments or maybe Claude it or ChatGPT But then we evolve with time.

[00:28:40]I used to fight with the late Vikram Kirloskar against hybrids.

[00:28:46]Today, I realize that probably a plug-in hybrid could be the best way to take the whole country into electrics, cut down our requirement of battery, have an ice engine and the battery. I see my own cars.

[00:29:01]We don't run 100 km a day in any of my cars.

[00:29:06]Whether in my home in Mumbai or in my office in Delhi, the running is less than 100 km. So, just 100 km back battery with a backup of an ice engine for those extra miles I may have to go once in a while.

[00:29:23]And lo and behold, you have a more affordable car.

[00:29:27]You have a You're rid of the range anxiety.

[00:29:33]Your import bill on battery for the present and once we we start manufacturing in bigger numbers, that should not be a problem in in any case.

[00:29:44]It's a win-win for everybody. And we'll cut down our petrol diesel consumption massively.

[00:29:53]Carpooling, what Prime Minister Modi said yesterday, or using the metro, and we are investing billions of dollars, lakhs of crores on metros around the country.

[00:30:05]All the rapid rail systems, the amount of investments in infrastructure coupled with your own effort to bring down import bill in whatever form it may be, will be the collective action to make the country stronger.

[00:30:28]I don't see any reason we need to be concerned. I think we need to be empowered.

[00:30:35]We each one of us should go back even more excited about the possibilities that the future holds for us.

[00:30:43]And and then FTAs are only meant to reinforce your ability both to attract more investment, to export more.

[00:30:52]All the 38 countries with which we have done an FTA in the last 3 and 1/2 years, the nine FTAs, are all rich countries.

[00:31:01]They complement us. They don't compete with us.

[00:31:04]You know, nothing can be made in Switzerland with a $105,000 per capita income at a cost lower than ours.

[00:31:14]Nothing can be made in the US at $80,000 per capita or EU at $50,000 per capita smarter and better than us.

[00:31:26]But we can certainly leverage those big markets, those trillions of dollars that they spend on imports every year.

[00:31:35]Our talent can take us to the next level.

[00:31:40]And it's time that we started seriously reflecting on artificial intelligence and the tech transition as a force multiplier for us.

[00:31:55]I don't know whether we have really done some study.

[00:31:58]I urge CII to deeply reflect on so many areas where AI is only going to make our job better, more efficient, and add to the opportunities that are available to us.

[00:32:15]Using robotics, using quantum computing, we are going to become more efficient, more competitive.

[00:32:24]Why do you think the GCCs are flocking to India?

[00:32:28]1,800 already here.

[00:32:30]At least 500 more in the pipeline.

[00:32:34]Expected to cross 2,500 in the next 5 years.

[00:32:39]Our exports from these GCCs are growing literally 40-50% each year.

[00:32:49]Currently at 50 billion dollars.

[00:32:52]Employing 2 million people directly.

[00:32:55]And the ecosystem that support would probably be another 10 million people.

[00:33:01]It's a time to grab all these opportunities.

[00:33:05]I don't see any problem. I see huge potential.

[00:33:10]It's the problem is in the mind.

[00:33:13]The potential is before us.

[00:33:16]And friends, there may be some sectors which are tech vulnerable.

[00:33:21]And you you know, we've also moved. We moved from the call centers to BPOs, BPOs to software, to business processes, to strategy. We'll move to AI.

[00:33:34]We leveraged the Y2K moment so smartly.

[00:33:38]Now we'll be the world's leaders in applied AI. Who will prepare the applications on these large language models?

[00:33:46]We Indians will.

[00:33:53]And in every every area, I mean diamonds are down.

[00:33:58]Lab grown diamonds is the new opportunity.

[00:34:01]Energy costs in India are low.

[00:34:03]Plus we have huge ambitions and plans on green energy.

[00:34:09]Now imagine if you were to sell a lab grown diamond made by renewable energy, green energy in Europe or other parts of the world as a sustainable diamond.

[00:34:24]Look at the tremendous possibilities that it holds.

[00:34:27]And the amount of people who will get engaged in making the beautiful jewelry that many people are wearing.

[00:34:37]For that matter, I mean, it may sound very small to you, but I think it's a huge potential.

[00:34:45]Artificial jewelry.

[00:34:47]I have people in my constituency who make artificial jewelry.

[00:34:52]Fabulous work.

[00:34:54]Probably better than what some of the billionaires in this room are wearing.

[00:35:01]Fabulous work.

[00:35:03]We just need to bring in that little quality, packaging, you know, that oomph element into it.

[00:35:14]And brand it.

[00:35:15]And you'll you'll be you'll be doing a great service.

[00:35:19]Millions of people can be engaged.

[00:35:22]No artificial intelligence can create those artificial jewelry pieces. It'll be human beings who'll do it.

[00:35:30]Taj hospitality will not be replicated by artificial intelligence. I wouldn't want my coffee to be served by a robot.

[00:35:38]And I won't go to any place where a robot is going to make the dal makhani and paneer uh and uh laccha paratha at Bukhara.

[00:35:52]Friends, it's time for all of us to run dedicated programs for our teams.

[00:36:00]Train them in AI.

[00:36:02]Smater use of AI.

[00:36:04]Don't treat AI just as a cost cost-cutting exper- uh exercise.

[00:36:10]And don't just look at AI as something which will help you either reduce people or making it a fashion, as many people do.

[00:36:24]I find many people tend to say, "In every activity, I use AI."

[00:36:31]Fortunately, the photographers don't say that.

[00:36:34]And I don't think a photographer who's not a human will be able to capture that that right Kodak moment. Of course, Kodak is out, but the moments are still there.

[00:36:48]It'll need a human being to capture that Kodak moment.

[00:36:52]And therefore, friends, treat AI as your business expansion plan.

[00:37:00]Leverage on AI to do your job smarter, better.

[00:37:05]Capture more markets. Leverage these FTAs.

[00:37:09]Help the country get to the $2 trillion export mark that we've set for ourselves in the next five or six years. And very much doable.

[00:37:20]863 to $2 trillion in five or six years is a 15% annual growth. Friends, you can do it.

[00:37:30]I have no doubt you can do it.

[00:37:34]ACMA can do it. SIAM can do it.

[00:37:38]Our steel steel industry can do it.

[00:37:41]You name the sector. Our startups will come up with cutting-edge ideas, newer ideas.

[00:37:50]And really, I I I believe it's time for us to act.

[00:37:58]And towards that end, friends, I'll conclude with a four-point call to a call to action.

[00:38:08]A, let's move up from assembled in India to designed, engineered, and manufactured in India.

[00:38:19]We must move up the value chain.

[00:38:22]Get into deeper value chains.

[00:38:25]Bigger value addition.

[00:38:28]Get into high value sectors.

[00:38:33]Become self-reliant in critical components.

[00:38:39]And maybe CII or maybe each of you, industry, could come up with a scorecard.

[00:38:47]What our ambition will be in the next, say, 5 years, 10 years, and how we have performed against that ambition every year.

[00:38:54]Indigenization, localization, our exports over imports, our net forex uh earnings into the country. Maybe you'll start with a deficit, but you'll rapidly scale up with greater penetration in world markets and grow your businesses.

[00:39:19]Second, at the cost of reputation, friends, quality.

[00:39:25]It's non-negotiable.

[00:39:27]We need to focus on zero defect, zero effect.

[00:39:32]That should be the mandate of all of us.

[00:39:35]We cannot wish away the challenge of climate change.

[00:39:39]We'll need to be more sustainable.

[00:39:41]We'll need to focus on brand India reflecting high quality.

[00:39:46]And that will be our calling card in the future.

[00:39:50]Three, and it's been said very often in the course of this 2-day conference, our investments in R&D, focus on innovation, attracting investments in R&D and innovation from the rest of the world to India, bringing Indian standards up to the level of global standards.

[00:40:13]We really need to go global in our thought processes and develop our talent towards global engagement.

[00:40:23]And finally, just like we led the world in the IT revolution, we must target to lead the world in the new age, new tech world of quantum computing, machine learning, artificial intelligence. All of these are areas where our Indian talent will capture the world's attention.

[00:40:50]And we have the ability.

[00:40:53]Let's go for it. Thank you very much, ladies and gentlemen.

[00:40:57]Congratulations, Rajiv. Best wishes to Mr. Mukund.