Piyush Goyal Urges Exporters to Boost Local Supply Chains for India’s Economic Security
In a strong push for self-reliance, Commerce and Industry Minister Piyush Goyal called on Indian exporters to prioritize local supply chains. He stressed this move will help shield India’s economy from global trade uncertainties that often mess up domestic production. Speaking at the platinum jubilee event of the Engineering Exports Promotion Council (EEPC) in New Delhi on Monday, Goyal highlighted how export controls by other countries can hit Indian businesses hard.
"We’ve seen lately how nations imposing export limits directly affects our exporters and industries. That’s exactly why Atmanirbhar Bharat – our self-reliant India initiative – is so crucial," Goyal said. His words come right after China’s restrictions on rare earth magnets disrupted production in India’s booming automobile and electronics sectors. These magnets are key components, and the curbs have created real headaches for manufacturers relying on imports.
Goyal didn’t stop there. He asked industries to fully pass on the benefits of the government’s recent Goods and Services Tax (GST) rate cuts to consumers. "Simplifying the indirect tax system and lowering rates will spark more domestic demand and fuel economic growth," he added. This advice aims to make everyday goods cheaper, encouraging people to spend more and boost the economy.
India’s economy is already showing great promise. It grew by 7.8 percent in the first quarter of 2025-26, beating market expectations, thanks to strong performance in the services sector. Goyal reassured exporters that the government is working hard to create a supportive environment amid rising trade tariffs and global challenges.
Minister of State for Commerce and Industry Jitin Prasada echoed these sentiments at the event. He urged exporters to embrace new technologies and sustainable practices to stay competitive. "The global scene is tough with geopolitical tensions and growing protectionism in some areas. But I’m confident our exporters will tackle these uncertainties through innovation and resilience," Prasada said.
Last week, Goyal held a key meeting with Export Promotion Councils (EPCs) and industry associations to navigate the shifting trade landscape. He pushed for upgrading product quality to meet global standards, diversifying supply chains, and tapping into new markets. Everyone agreed on the need for alternative strategies, and the government pledged to address sector-specific issues to drive long-term export growth.
The minister made it clear: India’s big goal is to strengthen domestic manufacturing and ramp up exports. He promised ongoing support through easier business regulations, targeted trade help, and quick policy fixes to counter tariff hikes. With these steps, Indian exporters can turn challenges into opportunities and keep the economy thriving.
