Piyush Goyal Urges Industry To Turn Global Uncertainty Into Growth Opportunity

(MENAFN- Live Mint) Union commerce and industry minister Piyush Goyal has urged businesses to stay alert to emerging opportunities and risks arising from the evolving global macroeconomic scenario and the West Asia crisis, while emphasising that India should use these global uncertainties to push reforms, strengthen supply chains and expand exports.

Addressing the Assocham India Business Reform Summit 2026 in New Delhi on Tuesday, Goyal said India had successfully navigated unpredictable crises such as covid and called on industry to adopt smarter and more efficient business practices, including reducing waste, improving productivity, and increasing energy efficiency.

Highlighting lessons from the pandemic, the minister said digital engagement and remote working models had proven effective. Referring to the rapid expansion of global capability centres (GCCs) in India, he said around 1,800 GCCs are currently operating in the country, generating nearly two million direct jobs and around 10 million indirect jobs. He said multinational companies increasingly view India as a trusted partner because of its young and skilled talent pool that's capable of supporting global operations.

Goyal also expressed confidence in India's services sector and said emerging areas such as artificial intelligence, cybersecurity and data centres would create significant opportunities for growth.

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The minister said the government was building an enabling ecosystem for investments in data centres and cloud services through trusted global partnerships, low-cost data availability, renewable energy expansion and strong power infrastructure. He added that cloud services provided from India or Indian data centres to global markets have been granted 100% tax-free status until 2047.

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

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

Referring to free trade agreements covering 38 countries, Goyal said Indian businesses should leverage these pacts to attract investments and boost exports rather than merely increase imports.

The minister said the government is looking at the possibility of establishing a single authority at industrial parks to serve as a one-stop shop for all central and state approvals. He added that consultations are underway regarding the development of 100 new industrial parks, 20 of which are already in various stages of implementation.

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Calling for stronger industry-government collaboration, Goyal urged businesses to actively participate in improving government systems and identifying pain points to increase the ease of doing business.

He also highlighted the need to increase exports of value-added products such as automobiles, electronics, consumer goods and agro-based products so that farmers and fishermen receive better value realisation.

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

Goyal also said the commerce ministry is undertaking internal reforms to improve efficiency and transparency, including consolidating operations of its 482 offices across 216 cities into integrated single-point contact centres in major cities and state capitals.

He also called for a culture focused on quality, productivity, localisation and innovation, and suggested that industry and government jointly develop scorecards to monitor progress in areas such as indigenisation, import substitution, exports and energy efficiency.

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