Piyush Goyal urges 'economic nationalism' to strengthen domestic supply chains at FICCI's 98th foundation day celebrations

Speaking at FICCI's 98th Foundation Day celebrations in Mumbai, Minister Goyal invoked Mahatma Gandhi's nationalist ethos, urging India's industrial leaders to prioritise domestic value chains even when foreign alternatives appear more economical in the short term. He cited examples of Japan and Korea, where, despite free trade agreements, domestic industries consistently support local suppliers as a matter of "collective conscience."

"The Minister's comments come as India positions itself as a viable manufacturing alternative amidst shifting global trade patterns. He emphasised that despite geopolitical volatility, India presents an attractive proposition with its rule of law, non-discrimination policies, and domestic market of 1.4 billion consumers," as per an official release.

The minister revealed that the European Free Trade Association (Switzerland, Norway, Liechtenstein, and Iceland) has committed to bringing technology and investing USD 100 billion in India. He also highlighted progress on trade agreements with Australia, EU, UK, US, Chile, and Peru. He urged the domestic industry to leverage FTAs.

India is progressing toward becoming the world's third-largest economy, coinciding with FICCI's upcoming centenary, Goyal noted, adding that the country's growing role in Global Capability Centers, with over 1,700 now operating in India, with significant expansion plans.

"Let's all collectively resolve that in the next few years, we'll be investing in taking India to the world. We'll be investing in making India the best in the world," Goyal concluded.

Minister Piyush Goyal also felicitated FICCI's past presidents during the ceremony, in which FICCI President Harsha Vardhan Agarwal reflected on FICCI's history and highlighted the organisation's pioneering initiatives: "Since its inception in 1927, FICCI has been at the forefront of shaping India's economic and industrial landscape. FICCI anticipated industry's needs long before they became national priorities."

He added, "Today's ceremony is more than a celebration of achievements and ambitions. It is one large family gathering. Seeing the descendants of our past who were pioneers and nation builders is a powerful reminder of the legacy we carry forward."

The ceremony brought together descendants of past presidents and current industry leaders in what Agarwal described as "a family gathering" to honour "some of the greatest business leaders India has produced."

Harsh Pati Singhania, Past President of FICCI and Chairman and Managing Director of JK Paper, highlighted the organisation's historical roots in economic nationalism: "FICCI championed the cause of economic nationalism by advocating policies that could strengthen industry, trade and build self-reliance. We have been supporting the spirit of Atmanirbhar Bharat right from the outset."

The event also featured Senior Vice President of FICCI and Vice Chairman of RPG Group, Anant Goenka, who acknowledged the minister's inputs, adding "we will certainly take home messages which you shared of Prime Minister focus on skills, scale and speed."

Jyoti Vij, Director General of FICCI, said, "It is an honour to felicitate our Past Presidents and commemorate their pivotal role in India's economic rise. As we stride towards FICCI's centenary in 2027, we tend to uphold the governance values of our Past Presidents as we advance towards a Viksit Bharat."

A highlight of the programme was a fireside chat with global business advisor Dr Ram Charan on "New Global Disorder: Technology, Trade & Disruptions," addressing policy uncertainty, shifting trade paradigms, and geopolitical tensions affecting international commerce.

"The Foundation Day also commemorates Mahatma Gandhi's historic address at FICCI's fourth Annual General Meeting on 7 April 1931, where he articulated his vision of business as a service to society," the release added.