Piyush Goyal pushes R&D, tech for self-reliant energy storage

• Minister Goyal urged reducing import dependence in energy storage through R&D and diversified sourcing.
• India is expanding trade via new FTAs and enhanced export credit support.
• Efficient logistics is vital to boosting India’s trade share and minimizing global disruption risks.

Union Commerce and Industry Minister Piyush Goyal stressed the need to enhance supply chain resilience in India's energy storage industry by reducing reliance on imports recently.

In his virtual address to India Energy Storage Week 2025, the minister encouraged the industry to invest in research and development (R&D) for innovative technologies and to diversify the sources of imports to reduce risk especially due to recent supply disruptions caused by China's export restrictions on rare earth magnets and fertilizers.

Following that, the minister met with SBI Chairman, senior bank officials and ECGC representatives to discuss and possibly identify opportunities from export credit. "Government's strong commitment to empowering MSMEs and small exporters through timely and affordable access to credit, enabling them to expand their footprint in global markets", the minister tweeted.

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During the CII Conference on Export Logistics held in New Delhi, Special Secretary (Commerce) Rajesh Agrawal noted that India has 14 Free Trade Agreements (FTAs) with 26 nations, including several new agreements with the UAE, Australia, and the UK; ongoing negotiations with EU; a review of the current ASEAN trade agreement; and potential FTAs with Chile, Peru, and New Zealand.

Agrawal pointed out that FTAs facilitate trade because of efficient logistics and reiterated that India aims to raise its merchandise trade from 2% of the global total to 10% as part of their Viksit Bharat vision. He also highlighted logistics as a critical part of cost optimization strategy and leveraging comparative advantages.

He indicated that over 70% of international trade relies on swift logistics, which provide critical value chain support. He noted that countries that do not have control of shipping and cargo are likely to see trade deficits, especially during geopolitical tensions that cause the cost of shipping to rise.