India building self-reliance, resilient supply chains to counter weaponisation of trade: Piyush Goyal

India is focusing on self-reliance by building capabilities and resilient supply chains, which will help the country tackle global challenges like weaponisation of trade, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He also said the government is focusing on self-confidence to achieve big goals and protect India's interests.

"In this new geopolitical and geo economic order, India is working on three major principles - atmanirbharta or self-reliance ...we are building capabilities, supply chains, and value chains ...which can give us an end-to-end assurance that we will not be subject to any weaponisation of trade and we will be always be in a position to meet our international obligations," Goyal said here.


He was speaking at the curtain raiser event of the CII Partnership Summit to be held in November in Visakhapatnam.

The remarks assume significance as global trade has been disrupted due to the tariff imposition by the US.

The US has imposed a steep 50% tariff on Indian goods entering American markets from August 27.

The minister also said that India provides huge opportunities at a time when there is turbulence and volatility at global trade front.

Speaking at the event, Andhra Pradesh Chief Minister N Chandrababu Naidu said the state is taking a series of steps to attract investments.

He invited investors to participate in the two-day summit and explore investment opportunities in the state.

He said the state is working on space, electronics, drones, and aerospace cities.

By January next year, the state will launch the first quantum valley in Amaravati, Naidu said, adding that Google is setting up its world's best data centre in Visakhapatnam.

The chief minister said ArcelorMittal is looking to set up a steel plant in the state and BPCL is looking to invest about Rs one lakh crore in petrochemicals.

The Andhra Pradesh Cabinet has approved a proposal to establish a Rs 1.35 lakh crore worth ArcelorMittal Nippon Steel India (AM/NS India) steel plant.

Naidu added that huge opportunities are available in sectors such as renewable energy and tourism in the state.

"We are going to produce green hydrogen and green ammonia...we will develop world-class ports and logistic hubs," he said.