Piyush Goyal Calls For Decisive Action To Boost India’s Global Trade Position

Union Commerce and Industry Minister Piyush Goyal has called for decisive action, agile thinking and timely decision-making to sustain India’s economic growth and strengthen its global trade position.

Major Points Discussed

Addressing the PHD Chamber of Commerce and Industry’s (PHDCCI) 121st Annual Session in New Delhi on October 10, 2025, Goyal congratulated the chamber on completing 121 years and highlighted India’s ambition to become a trusted international trade partner.

“We shall do, we can do it, and we must do it,” he further said, stressing the need to turn challenges into opportunities.

The Minister identified India’s young population, skilled workforce, rising domestic consumption and adoption of modern technologies as key economic strengths.

Piyush Goyal said trade agreements could help Indian businesses access new markets, diversify exports and strengthen global supply chains. He cited the India–UK Comprehensive Economic and Trade Agreement and highlighted ongoing and prospective negotiations, including engagement with Canada.

Goyal said India’s ambition to become a US$ 10 trillion economy would require greater investment, higher productivity, improved infrastructure and a competitive manufacturing and services ecosystem.

India, however, aims to achieve US$ 1 trillion in exports in FY 2026–27, targeting 15 per cent growth.

The Minister emphasised product quality, reliable delivery, market diversification and greater participation in global value chains to meet the target. He further highlighted foreign investment and the expansion of Global Capability Centres as opportunities to generate high-value employment, encourage innovation and strengthen technological capabilities.

Goyal stressed the importance of domestic manufacturing, resilient supply chains, industry-linked skills and support for micro, small and medium enterprises and farmers. He further cited India’s COVID-19 vaccine production and international vaccine supplies as examples of domestic capabilities combined with global cooperation.

PHDCCI President Rajeev Juneja highlighted the chamber’s role in supporting trade, industry, MSMEs, start-ups and technology.

Vice-President Anil Gupta delivered the vote of thanks. Industry representatives, diplomats, former presidents and other chamber office-bearers attended the session.

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