'India must avoid reliance on monopolistic nations': Piyush Goyal urges industry to diversify supply chains

The 7th CII Indian Chemicals & Petrochemicals Conference 2025 saw Union Minister of Commerce and Industry Piyush Goyal stress innovation, competitiveness, and global trade as key to positioning India as a world leader in chemicals and petrochemicals.

Opening his address themed Enabling Competitiveness: India’s Pathway to Global Leadership, Goyal said India is ready to claim its place at the forefront of global industry. He called for greater focus on science, R&D, and innovation — the real drivers of growth. Paying tribute to Dr. APJ Abdul Kalam on his birth anniversary, he said the late President’s legacy continues to inspire India’s pursuit of technological excellence.

“Innovation is the backbone of any successful economy,” Goyal said. “With its strong scientific community and industrial base, India can lead the world in innovation and sustainability — especially in chemicals.”

The minister underscored the industry’s far-reaching role, from healthcare and infrastructure to mobility and energy. “From construction materials to the products powering our daily lives, chemicals and petrochemicals touch every aspect of modern living,” he noted.

Goyal reiterated the government’s vision of a $35 trillion economy by 2047, with chemicals and petrochemicals contributing a significant $1 trillion share. “Our growth must reflect real progress, not just nominal expansion,” he said.

A central theme of his speech was the role of trade in enhancing competitiveness. Goyal highlighted India’s recent free trade agreements (FTAs) with markets like the UAE, Australia, and the UK, noting that such partnerships open new avenues for Indian industries. “Global leadership is not just about innovation — it’s about our position in global trade networks,” he said. “India’s trade footprint must expand through strong partnerships with advanced economies.”

Goyal also cautioned against over-reliance on monopolistic countries for critical supplies. “We do not want to be at the mercy of monopolistic nations,” he emphasised, urging businesses to diversify supply chains and build resilience. Self-reliance, he said, must go hand in hand with global collaboration.

Acknowledging industry concerns over import competition, Goyal assured that the government remains committed to protecting domestic players from unfair trade practices such as dumping and predatory pricing. “We act swiftly when Indian industries face injury — often within four or five months,” he said, underscoring India’s quick trade-remedy mechanisms.

He urged industry leaders to collaborate internally and strengthen local value chains. “If domestic players don’t support each other, we risk undermining our long-term viability. Supporting local production today ensures a stronger, more competitive tomorrow,” Goyal said.

The minister further called for identifying non-tariff barriers hindering exports, promising that the Ministry of Commerce would address them in global negotiations. Simplifying compliance and cutting bureaucracy, he added, remain central to boosting innovation. “Streamlined IPR systems have already led to more patents — and less paperwork means more progress,” he noted.

Concluding, Goyal said India’s future rests on innovation, collaboration, and a broader trade footprint. “We cannot afford stagnation in an evolving global market. Our aim is to create an ecosystem that empowers every sector, including chemicals and petrochemicals, to thrive competitively,” he said.

With strategic trade partnerships, innovation-led growth, and reduced dependence on monopolistic powers, Goyal asserted, India is on track to become a $35 trillion economy and a global leader in industrial development by 2047.