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**Indian Commerce Minister Urges Businesses to Look Beyond Domestic Market Amid Global Trade Uncertainty**

**Mumbai, August 31, 2025** – Union Commerce and Industry Minister Piyush Goyal has called on Indian businesses to expand their horizons beyond the country’s massive domestic market, even as the nation braces for potential impacts from rising US tariffs. Speaking at the India-UAE Business interaction organized by CII on Saturday, Mr. Goyal acknowledged the comfort zone created by the 1.4 billion-person market but emphasized the need for Indian companies to seek global opportunities.

“I often feel the large 1.4 billion domestic market has become somewhat a cosy comfort zone in which our businesses make good profit and don’t venture out to look at opportunities around the world,” he said.

His remarks come against a backdrop of concerns regarding the economic effects of US tariffs on Indian goods. However, Mr. Goyal reassured industry leaders that the country’s GDP growth has accelerated to 7.8% in June and that a significant portion of exports to the US remain unaffected by the tariffs.

“India is full of resilience, confidence and is raring to continue to be the fastest growing economy for the next 22 years,” said Mr. Goyal, dismissing negative narratives and criticism from opposition figures.

The minister also highlighted the low value addition in many Indian industries, urging businesses to move beyond exporting raw materials and focus on producing higher-value finished goods. He encouraged industry leaders to voice their concerns and seek government support to overcome obstacles in expanding their global footprint.

Addressing the impact of US tariffs, Mr. Goyal revealed he had contacted industrialist Noel Tata to explore options for selling US-tariff-impacted goods locally at a discount while alternative markets are sought. He underscored the government’s commitment to diversifying trade through new agreements and emphasized that the strong GDP growth should serve as a morale booster.

Meanwhile, UAE Minister for Foreign Trade, Thani bin Ahmed Al Zeyoudi, reaffirmed the strong and unwavering partnership between the UAE and India, regardless of global trade fluctuations.

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