Indian e-commerce companies must sell Indian goods globally, says Minister Goyal
This story was originally published at 18:09 IST on 12 May 2026
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--Trade minister: Indians need wake-up call amid ongoing energy crisis
--Trade minister: Our economy remains robust with strong fundamentals
--CONTEXT: Comments by Commerce Minister Goyal at CII Annual Business Summit
--Trade minister:Bringing down oil import bill every Indian's responsibility
--Trade minister: Bringing down import bill has to be a collective action
--Trade minister: Time to start seeing AI as force multiplier
--Trade minister: India will be world leader in applied AI
--Trade minister: Industry must treat AI as business expansion model
--Trade minister: Leverage AI to get jobs done better, leverage FTAs
--Trade minister:Must move from assembled in India to designed, made in India
--Trade minister: Must get into high-value sectors, move up the value chain
--Trade minister: Need to focus on making zero-defect products
--Trade minister: Need to focus on R&D, innovation
--Trade minister: Investments on research, development must go up
--Trade minister: India must target to lead the world on new tech, AI
--Trade minister: Slowdown in other parts of world an opportunity for India
--Trade minister: Need few e-commerce cos to serve globally
NEW DELHI - There is a need for a few Indian e-commerce companies to sell Indian products in global markets, Commerce and Industry Minister Piyush Goyal said Tuesday. The government is trying to support this by increasing investment in warehousing to store products that can be sold globally, he said. Even if the quantity is small, some Indian products must be sold to overseas markets, the minister said at the Confederation of Indian Industry's Annual Business Summit.
According to the minister, India must move from "assembled in India" to "designed and manufactured in India". Currently, India's value-added exports are limited and there is scope to move up the value chain, he said. This will help India to get integrated better into the global value chain in the current uncertain trade ecosystem, Goyal said, adding that the country must get into more high-value sectors for trade.
Over the past year, global trade has seen much ebb and flow, first because of the steep US tariffs and then because of the war in West Asia. While India's total exports have held up so far, they continue to face strong competition from countries such as Vietnam, Bangladesh, and China. India's recent strategy to shield itself from trade disruptions has been to sign free trade agreements, including with its top export destination, the US, to gain preferential market access.
Goyal, while urging industry to better leverage the markets that free trade agreements open, said the slowdown seen in other economies currently because of the war in West Asia is an opportunity for Indian exports. The country must push zero-defect products, coupled with innovation. Higher spending on research and development will fuel innovation, he said.
In this endeavour, India must use artificial intelligence to improve productivity and quality of products. To be sure, AI must not be seen as a mandatory item but as a business expansion model that will complement the industry, he said. It is time to see AI and technological innovation as force multipliers. India must also be a global leader in these new-age, new-tech innovations, he said.
TRADE ECOSYSTEM
On the current energy crisis and volatile trade ecosystem, Goyal said these are a "wake-up call" for all Indians. He said India's oil import bill, which has risen sharply following the war in West Asia, is a collective responsibility for all to help contain. He was referring to Prime Minister Narendra Modi's comments Sunday.
Modi urged people to cut down on the use of petrol and diesel as India finds itself in an increasingly tough spot amid the ongoing energy crisis. Speaking at a political rally, Modi said petrol and diesel prices have risen sharply and cutting down on their use will help India to conserve its foreign exchange reserves.
Crude oil prices have soared around 60% following the closure of the Strait of Hormuz since early March. Nearly half of India's crude oil and natural gas imports pass through this crucial waterway. The supply shock has led to a surge in fuel prices in several developing and advanced economies, but retail prices in India have been kept unchanged so far.
India's crude oil imports in the financial year 2025-26 (Apr-Mar) were at $174 billion, compared with $186 billion in FY25. India's foreign exchange reserves were at $690.69 billion as of May 1, down almost $38 billion from the record high just before the war started.
Despite the challenges, Goyal said the Indian economy remains robust with strong fundamentals. End
US$1 = INR 95.62
Reported by Priyasmita Dutta, Sagar Sen, and Shakshi Jain
Edited by Rajeev Pai
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