Piyush Goyal urges industry to turn global uncertainty into growth opportunity

Union Commerce and Industry Minister Piyush Goyal urged businesses to remain alert to the emerging opportunities and risks arising from the evolving global macroeconomic scenario and the crisis in West Asia, while stressing that India should use these global uncertainties to push for reforms, strengthen supply chains and expand exports.

Speaking at the Assocham India Business Reform Summit 2026 in New Delhi on Tuesday, Goyal said India has successfully managed unpredictable crises like covid and urged the industry to adopt smarter and more efficient business practices, including reducing waste, improving productivity and increasing energy efficiency.

The minister highlighted the lessons learned from the pandemic, saying that models of digital engagement and remote working have proven to be effective. Referring to the rapid expansion of Global Capability Centers (GCCs) in India, he said there are currently around 1,800 GCCs in the country, generating nearly two million direct jobs and around 10 million indirect jobs. He said MNCs are increasingly seeing India as a trusted partner because of its young and skilled talent pool capable of supporting global operations.

Goyal also expressed confidence in India’s services sector, saying emerging areas such as artificial intelligence, cyber security and data centers will create significant opportunities for growth.

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Data center push

The minister said the government is building an enabling ecosystem for investment in data centers and cloud services through trusted global partnerships, low-cost data availability, expansion of renewable energy and strong energy infrastructure. He added that cloud services provided from India or Indian data centers to global markets have 100% tax exemption till 2047.

According to Goyal, investments in data centers will create demand across sectors such as real estate, hospitality, logistics, transportation, healthcare, education and manufacturing, which will support broad-based growth across multiple industries.

He said despite challenges such as tariffs and conflicts in Ukraine and West Asia, India’s exports touched an all-time high of $863 billion last year, with both goods and services exports growing.

Referring to free trade agreements covering 38 countries, Goyal said Indian businesses should use these pacts to attract investment and boost exports, not just increase imports.

The minister said the government is considering setting up a single office in industrial parks to serve as a single point of contact for all central and state approvals. He added that consultations are underway regarding the development of 100 new industrial parks, of which 20 are already in various stages of implementation.

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Cooperation between the public and private sectors

Goyal urged businesses to actively participate in improving government systems and identifying pain points to make doing business easier.

He also stressed the need to increase exports of value-added products such as automobiles, electronics, consumer goods and agricultural products so that farmers and fishermen get better value realization.

The minister said India is targeting $1 trillion worth of exports and urged exporters to prepare in advance for the upcoming FTAs by exploring new markets, placing trial orders and deepening global engagement even before the agreements formally come into force.

Goyal also said that the commerce ministry is undertaking internal reforms to improve efficiency and transparency, including consolidating the operations of its 482 offices in 216 cities into integrated one-stop-shops in major cities and state capitals.

He also called for a culture of quality, productivity, localization and innovation and suggested that industry and government jointly create scorecards to track progress in areas such as indigenization, import substitution, exports and energy efficiency.

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