Don't get stuck in comfort zone: Piyush Goyal to industries
Commerce Minister Piyush Goyal is encouraging Indian companies to look beyond the comfort of the home market and explore international opportunities.
He cautioned against getting stuck in a "cozy comfort zone" and urged businesses not to be discouraged by negative headlines—especially after the US hiked tariffs on Indian textiles, gems, shrimp, leather, and other sectors by 50%.
Shift focus from raw materials to processed products
The US's new tariffs have put extra pressure on India's export sector.
Still, Goyal remains upbeat—he believes exports will continue to grow and will be higher this year than last year.
With a strong 7.8% GDP growth rate, he says it's time for Indian exports to move beyond raw materials like rice and iron ore and focus more on processed or branded products.
UAE trade minister reaffirms close partnership with India
Goyal called for more government backing as industries adapt, welcoming efforts to speed up reforms.
He highlighted ongoing trade agreement negotiations with the UAE and other countries to open new markets.
At the same event, UAE's foreign trade minister reaffirmed their close partnership with India and stressed exploring fresh opportunities together despite global trade changes.