Piyush Goyal asks industry players to shed protectionist mindset, be bold and compete globally

Union Minister Piyush Goyal urges Indian industries to embrace global competitiveness over protectionism for long-term economic growth.

Union Commerce and Industries Minister Piyush Goyal on Thursday (February 27, 2025) urged Indian industry leaders to shed their protectionist mindset and focus on becoming globally competitive, instead of depending on government support through subsidies, high import duties, and other protective measures.

Speaking at an event organised by the IMC Chamber of Commerce in Mumbai, Mr. Goyal posed a critical question to the industry:

“Till when can we look up to the government [for support]? Or, till when can we win on crutches of subsidies and support, incentives, high import duties, the protectionist mindset, and being very defensive in our engagement with the world?”

He made it clear that India must move beyond short-term protectionist policies and adopt a competitive and self-sustaining approach in global trade. “We as a nation will have to decide to get out of this protectionist mindset and weak-kneed thinking,” he said, emphasising that relying on government interventions would not help the country achieve long-term economic growth.

Mr. Goyal stressed that true competitiveness would come from the industry’s ability to innovate, upgrade manufacturing practices, enhance skills, and improve efficiency.

“Unless we become competitive, the aspirations of 140 crore Indians will not succeed, and we cannot achieve the goal of becoming a developed country,” he asserted.

He pointed out that while certain sectors — such as oil, defence, and food — will continue to depend on imports, these exceptions should not justify an overall protectionist approach that hinders India’s economic potential.