Union Commerce and Industry Minister Piyush Goyal on Tuesday said the Indian economy has continued to demonstrate resilience despite global geopolitical and economic uncertainties, backed by strong macroeconomic fundamentals and growing global confidence in India.

Addressing the Confederation of Indian Industry (CII) Annual Business Summit in New Delhi, the minister said India remains the world’s fastest-growing large economy and currently holds nearly 11 months of import cover in foreign exchange reserves. He also said India is set to achieve a record export figure of nearly USD 863 billion this year.

Highlighting India’s ability to overcome crises, Goyal said the country has consistently emerged stronger during difficult global situations and described the current environment as a “wake-up call” for India to become more efficient, productive and self-reliant.

Referring to the government’s vision of Atmanirbhar Bharat, the minister said self-reliance and confidence in Indian capabilities remain central to the country’s economic strategy under the leadership of Prime Minister Narendra Modi.

Goyal urged Indian industry to focus on productivity, efficiency and reducing import dependence. He cited initiatives such as the LED lighting programme launched in 2015, stating that energy efficiency measures have helped India save nearly USD 10 billion annually while also supporting sustainability goals.

On trade and global partnerships, the minister said India has signed nine Free Trade Agreements (FTAs) with 38 countries over the last three-and-a-half years, primarily with developed economies. According to him, these agreements are expected to boost exports, attract investments and provide Indian businesses greater access to global markets.

The minister also highlighted the growing role of skilled Indian professionals in the global economy, noting that over 10 million Indians currently work in Gulf countries, while the Indian workforce in the UAE has risen sharply over the last decade.

Calling artificial intelligence, robotics and quantum computing key drivers of future growth, Goyal urged industry to use AI as a tool for expansion and productivity rather than merely reducing manpower. He encouraged companies to invest in employee training and adopt smarter AI-driven business models.

He further said India is witnessing rapid growth in Global Capability Centres (GCCs), with nearly 1,800 GCCs already operating in the country and another 500 expected in the coming years. Exports from GCCs are currently estimated at around USD 50 billion and employ nearly two million people directly.

The minister also identified emerging opportunities in sectors such as lab-grown diamonds, renewable energy manufacturing and artificial jewellery, which he said could generate significant employment and export growth.

Setting an ambitious export target of USD 2 trillion over the next five to six years, Goyal said the goal is achievable with sustained annual export growth of around 15%. He urged Indian businesses to focus on innovation, quality manufacturing, research and development, and deeper integration into global value chains.

Emphasising quality and sustainability, the minister called for “zero defect, zero effect” manufacturing and said Brand India should emerge as a global benchmark for quality and competitiveness in the years ahead.