New Delhi

Union Commerce and Industry Minister Piyush Goyal on Wednesday highlighted the indirect impact of the ongoing global conflict on India’s trade and economy, noting that while the country is not directly involved, it cannot remain unaffected.

Speaking at the launch of Malabar Gold and Diamonds’ National CSR Plan 2026–27 at the Dr. Ambedkar International Centre, Goyal said that large-scale conflicts inevitably create ripple effects across global markets.

“There is a war going on. We have nothing to do with the war… but when such a big war is going on, there is collateral damage. There are difficulties,” he said, referring to the broader economic disruptions caused by geopolitical tensions.

The minister emphasized that global instability affects supply chains, trade flows, and economic growth, urging the nation to remain resilient. He called for unity in addressing the challenges posed by the evolving international situation.

“This is the time the nation has to rally as one. The nation has to come together to face the challenges of the time,” Goyal said, underlining the importance of collective effort during uncertain times.

Highlighting India’s economic strategy, Goyal pointed to the country’s expanding network of Free Trade Agreements (FTAs). He said India has signed agreements covering 38 developed nations, providing preferential market access with reduced or zero duties.

“Today, India has preferential market access… in all these markets,” he noted, adding that such agreements are opening up significant opportunities for Indian businesses.

According to the minister, nearly two-thirds of global trade is now accessible to Indian farmers, artisans, MSMEs, and companies with minimal trade barriers. This, he said, creates a strong foundation for sectors like jewellery, handicrafts, and manufacturing to expand internationally.

Goyal stressed that to fully leverage these opportunities, India must focus on quality and competitiveness. “Only when we focus on quality… will we be able to provide good quality services and products to the world,” he said.

He also linked economic growth with investment in human capital, particularly the development of young talent. Encouraging support for children’s capabilities, he said that nurturing skills and innovation will accelerate India’s progress toward its long-term goal of becoming a developed nation by 2047.

The event was attended by senior leaders from Malabar Group, including Chairman M.P. Ahammed, India Operations Managing Director Asher O, and Executive Director Nishad AK.

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Goyal’s remarks come amid heightened global tensions, reinforcing the government’s message that while India remains insulated from direct conflict, it must stay prepared to manage economic challenges arising from an interconnected global landscape.