Commerce and Industry Minister Piyush Goyal on Tuesday said the current global geopolitical uncertainties should serve as a wake-up call for Indian industries, asserting that it cannot be business as usual amid an increasingly volatile global environment. However, he assured that India is well positioned in terms of forex reserves to deal with the challenges.
Addressing the CII Annual Business Summit, Goyal said, “The global situation is well-known to all of us. We are all conscious of geopolitical challenges. What we need today is a wake-up call. It cannot be business as usual.”
He urged industry leaders to work more closely with each other and explore newer global opportunities together. Stressing the need for greater collaboration, Goyal said Indian companies must move beyond a narrow outlook and build collective strength to compete globally.
“Indian industries must learn to grow with each other and get rid of the myopic vision,” he said, while citing the example of South Korea’s industrial ecosystem, where companies cooperate to strengthen exports and expand into international markets.
However, he highlighted India’s economic resilience amid this turmoil. “The International Monetary Fund says if you have 8-12 months of foreign exchange reserves to cover your imports, you are considered in a very strong position. We have 11 months’ import cover,” he said.
While talking about India’s ongoing free trade agreements, he said that India’s proposed trade agreement with Chile is facing some hurdles due to the varied size of the two economies. Although, the negotiations are on to address such challenges and India is aiming to make a deal with special focus on
critical minerals with Chile. He also said that Oman FTA will be implemented on June 1.