Guwahati: Union Minister for Commerce and Industry Piyush Goyal today asked the Indian industry to procure locally wherever there is an opportunity so that domestic supply chains are fortified and become more resilient and the tendency to place excessive dependence on international supply chains is curbed.

He addressed this today at the "Breakfast session Discussion on Trade 4.0" in Davos, Switzerland.

Concerned about the over-reliance on overseas supply chains, Goyal advised firms to source locally wherever possible. He urged firms to work together to strengthen domestic supply chains.

He said Indian businesses had shown great resilience, exceeding export targets and achieving USD 421.8 billion in exports despite constraints such as Covid 19, chip shortages, conflict, rising commodity prices, container shortages, and significant shipping and logistics issues that threw the global economy off balance.

Speaking about the importance of working together toward a common goal, Goyal expressed confidence that India could meet a target of USD 1 trillion in product and services exports by 2030 if we worked together.

Noting that the government has spent the previous eight years focusing heavily on structural reforms, the Minister stated that each of these movements has served India well at times of crisis.

He emphasised that the world might see India as a dependable alternative to the existing quo and welcomed production, money, and technology to come to India.

He advised Indian business to focus on increasing value-added exports and creating new employment rather than exporting basic commodities.

The minister told enterprises that the government would fully assist them, and he pushed industry to add scale to all economic operations.

The Minister stated that the government was on a mission to rewrite the script for a New India that is ready to lead in global commerce, and he invited investors to come invest in India, in its ideas, talent, and infinite potential.