Piyush Goyal slams India Inc, says needs to step out of 'cosy comfort zone'

The commerce minister said Indian industry sees the large domestic market as a comfortable profit zone, and that it needed to re-evaluate its efforts at value addition

Commerce Ministry Piyush Goyal on Saturday came down heavily on India Inc over their complacence, saying they need to get out of their comfort zone and look at global opportunities instead of depending solely on the domestic market. 

 

"I often feel the large 1.4 billion domestic market has become somewhat a cosy comfort zone in which our businesses make good profit and don't venture out to look at opportunities around the world," he said.

 

Speaking at the India-UAE Business interaction organised by industry group CII, Goyal noted that the amount of value addition by Indian industry is very low, pointing out how India is a seller of rice but not rice puffs or ready-to-eat food products. He also pointed to the steel industry, saying it sells iron ore seller but is not an exporter of high-quality steel.

 

 

At the same time, he cautioned that companies not be carried away by any "negative narrative", pointing to the 7.8 per cent GDP growth in the June quarter of financial year 2025-26. 

Goyal said that President Donald Trump’s move to impose a 50% tariff on several Indian goods should not discourage exporters.

 

He admitted that sectors such as textiles, apparel, gems and jewellery, shrimp, and leather would face difficulties but urged industries to focus on greater value addition to reduce the impact.

 

Goyal said he had spoken with industrialist Noel Tata, who runs the Zudio and Westside chains, suggesting that products hit by US tariffs could be sold in the domestic market at discounted rates until new export destinations are secured.

 

Highlighting efforts to expand trade opportunities, the minister said ongoing negotiations for new agreements would help diversify India’s export markets. He also described India’s 7.8% GDP growth as a “morale booster” and expressed confidence that upcoming GST Council decisions would further drive demand.