Piyush Goyal Urges ‘Economic Nationalism’ to Strengthen Domestic Value Chains

Mumbai: Union Commerce and Industry Minister Piyush Goyal called on Indian businesses to adopt ‘economic nationalism’ by supporting domestic suppliers over marginally cheaper imports, even in the face of free trade and globalization pressures. Addressing the 98th Foundation Day celebrations of FICCI (Federation of Indian Chambers of Commerce and Industry) in Mumbai, Goyal urged industry leaders to channel their entrepreneurial energy toward strengthening indigenous value chains.

Drawing inspiration from Mahatma Gandhi’s nationalist economic ethos, Goyal emphasized the importance of self-reliance in the current global trade landscape. “When Japan and Korea can prioritise their domestic suppliers despite open trade agreements, why can’t we?” he asked, asserting that India must act with collective conscience to support its own industries.

$100 Billion Commitment from EFTA Nations

Highlighting India’s rising stature as a global manufacturing and services hub, Goyal announced that the European Free Trade Association (EFTA)—comprising Switzerland, Norway, Liechtenstein, and Iceland—has pledged to bring $100 billion in investment and advanced technologies to India.

He also pointed to ongoing progress in free trade negotiations with countries including Australia, the EU, UK, US, Chile, and Peru, and encouraged Indian businesses to leverage FTAs to enhance global competitiveness.

Vision for a Self-Reliant India

“Let’s collectively resolve that in the next few years, we will be investing in taking India to the world and making India the best in the world,” said Goyal, outlining a vision that aligns with the government’s Atmanirbhar Bharat (self-reliant India) mission.

As India advances toward becoming the world’s third-largest economy, the Minister noted the country’s expanding role in the Global Capability Centers (GCCs) ecosystem, with over 1,700 GCCs currently operating in India, many of which have major expansion plans.

FICCI Honours Legacy of Leadership

The celebratory event witnessed the felicitation of 34 past presidents of FICCI, acknowledging their enduring contributions to India’s economic development and industrial growth. FICCI President Harsha Vardhan Agarwal paid tribute to the legacy of entrepreneurship and policy advocacy the organization has upheld since its founding in 1927.

“Today’s ceremony is more than a celebration—it’s a family gathering that honors pioneers who helped shape modern India’s economic landscape,” Agarwal remarked. He reflected on FICCI’s proactive role in anticipating industry needs well before they became national priorities.

Harsh Pati Singhania, Past President of FICCI and CMD of JK Paper, underscored the chamber’s roots in economic nationalism, saying, “We supported the spirit of Atmanirbhar Bharat long before it became a national policy focus.”

Anant Goenka, FICCI Senior Vice President and Vice Chairman of RPG Group, assured the minister that industry leaders would embrace his call for greater emphasis on skills, scale, and speed.

Felicitated Past Presidents of FICCI:

Looking Ahead to FICCI@100

Jyoti Vij, Director General of FICCI, reiterated the organisation’s commitment to uphold the legacy of past presidents as it approaches its centenary in 2027, aiming to contribute to the government’s vision of a Viksit Bharat (Developed India).

A key highlight of the event was a fireside chat with global business advisor Dr. Ram Charan on “New Global Disorder: Technology, Trade & Disruptions,” which addressed the challenges of policy uncertainty, evolving trade dynamics, and geopolitical tensions.

The Foundation Day also paid tribute to Mahatma Gandhi’s historic 1931 address at FICCI’s fourth Annual General Meeting, where he articulated his vision of business as a tool for public service.

As FICCI nears its 100-year milestone, the organisation reaffirmed its commitment to being a catalyst for innovation, competitiveness, and policy reform, keeping India’s economic transformation at the forefront.