When the world talks about slowdown, India writes stories of growth. When the world faces a trust crisis, India becomes a pillar of trust.: Shri Piyush Goyal
Delivering his address at the session on “Trade Strategy in the Fragmented World Order” held during the CII Annual Business Summit, Mr. Piyush Goyal, Hon'ble Union Minister of Commerce & Industry, Government of India urged Indian industry to transition from ‘Assembled in India’ to being designed, engineered, and manufactured in India. The session was held on 12th May 2026, in New Delhi.
“Our goal is to move up the global value chain, focusing on high-value factors and self-reliance in critical sectors. Quality is non-negotiable; we must embrace 'Zero Defect, Zero Effect' to ensure our products are both world-class and climate friendly. Just as we led the global IT revolution, India must now lead in Quantum Computing and Artificial Intelligence. By investing in R&D and nurturing talent for global engagement, we will set the global standards of tomorrow.” urged the Hon’ble minister during his address.
He emphasized that India is entering a new phase of confidence, resilience, and global ambition amidst an increasingly fragmented and uncertain world order. The Minister underscored the importance of collective national effort, stressing that the government, industry, and citizens must work together to strengthen India’s economic future. He stressed that sustainability should not be viewed as a burden but as an opportunity to improve productivity, reduce waste, and strengthen competitiveness. He encouraged businesses and citizens alike to adopt more resource-efficient practices in daily operations.
Mr Rajiv Memani, President, CII commended the government’s efforts in advancing India’s trade and investment agenda, particularly through FTAs and investment partnerships. He particularly highlighted the government’s consultative approach with industry and responsiveness to stakeholder feedback have strengthened confidence among businesses and investors. He said “as CII, we must work closely with State Governments”. Many of the reforms initiated at the Centre require localized R&D and skilling to truly take root. Furthermore, we need an effective mechanism to disseminate the benefits of our signed FTAs. The reform-oriented mindset of the government is a powerful foundation, but its success depends on how we integrate these efforts across every level of governance.
The session was moderated by Mr Chandrajit Bannerjee, Director General, CII. The Hon’ble minister answered questions posed by Mr Amit Kalyani, Joint Managing Director, Bharat Forge Limited; Mr Sanjay Budhia, Managing Director, Patton International Ltd; Mr Sanjay Jayavarthanavelu, Chairman & Managing Director, LMW Ltd and Mr Rahul Garg, CEO & Founder, Moglix Labs India Private Limited.
12 May 2026
New Delhi