Indian economy on strong footing, says Commerce Minister Piyush Goyal

Commerce minister Piyush Goyal said the economy is on a strong footing despite global turmoil, citing Q2 growth and export gains in October-November

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Commerce and Industry Minister Piyush Goyal on Wednesday said the Indian economy is on a strong footing and there’s aggregate growth in merchandise exports during October-November, despite the global turmoil.

 

On the rupee falling to a record low against the dollar, the minister said the Indian economy saw 8.2 per cent growth in the second quarter, beating all estimates.

 

He added that inflation has been at its lowest in recent months and foreign exchange remained robust.

 

“This only goes to show that the economy is on a strong footing. We are working towards deeper integration with global trading partners. And, in the months and days to come, you will hear a lot more about our own successful engagements with many of our trading countries,” Goyal said on the sidelines of the CII IndiaEdge 2025.

 

The rupee fell to a record low of 90.29 per dollar. It ended the day’s session at 90.19, down nearly 0.4 per cent, according to Reuters.

 

While Goyal did not reveal November exports data, outshipments contracted 11.8 per cent in October to $34.4 billion. This comes at a time when the US imposed a 50 per cent tariff on several Indian products from August. The official trade data will be released on December 15.

 

Speaking at the event, the minister called for the Indian industry to stay competitive amid a shift in global dynamics.

 

The recent disruptions have reinforced the importance of building resilient supply chains and warned against heavy reliance on any single geography.

 

“The need of the hour is that we focus on innovation and understanding where the chinks in our armour are. There will be many products, where we will need to be self-sufficient. We will need to have the supply chain in our own control. Particularly, after the way we have seen the weaponisation of trade in recent times,” he said.

 

He added, “I will have to repeat it many times. I think, because I still don't see that sense of urgency where people are assessing their supply chains... and such areas of concern. Can we identify them quickly, plug them quickly. It will be essential in our long-term strategies both to survive and grow.”

 

As a result, it is important to identify sectors where domestic capacity and tighter control over supply chains will be critical, he said.

 

He also emphasised on the importance of innovation, quality, design, sustainability and efficiency as key drivers of India’s manufacturing competitiveness.