THEBUSINESSBYTES BUREAU

NEW DELHI, MAY 19, 2026

Emphasising that global volatility must be transformed into a catalyst for domestic reform and long-term resilience, Union Commerce and Industry Minister Piyush Goyal on Tuesday called for deeper and more structured collaboration between industry and government to accelerate India’s journey towards Viksit Bharat 2047. Addressing the ASSOCHAM India Business Reform Summit 2026 in New Delhi, the Minister said the time demands sharper reforms, stronger competitiveness and a shared commitment to building future-ready economic systems amid global uncertainties.

Highlighting the evolving geopolitical and economic landscape, Goyal said current global disruptions, including tensions in West Asia, should be viewed not with apprehension but as an opportunity to strengthen India’s business ecosystem, streamline processes and reinforce supply chain resilience. He underscored that India, under the leadership of Narendra Modi, has consistently turned crises into opportunities, citing the country’s successful navigation of challenges such as the COVID-19 pandemic.

Speaking at the ASSOCHAM India Business Reform Summit 2026, the Minister urged businesses to remain alert yet composed, advocating smarter operations through productivity enhancement, waste reduction and energy efficiency. He noted that digital transformation and remote working models, accelerated during the pandemic, have now become integral to India’s evolving economic architecture.

Goyal pointed to the rapid expansion of Global Capability Centres (GCCs) in India, stating that nearly 1,800 GCCs are currently operating in the country, generating around two million direct and nearly ten million indirect jobs. He said this reflects global confidence in India’s skilled talent pool and its growing position as a trusted partner for international business operations.

Underscoring India’s strength in services and emerging technologies, the Minister said sectors such as artificial intelligence, cybersecurity and cloud computing will define the next phase of economic growth. He added that the government is actively building an enabling ecosystem for data centres and cloud services through trusted global partnerships, expanded renewable energy capacity and robust power infrastructure. He also noted that cloud services from Indian data centres to global markets have been granted 100 per cent tax exemption till 2047, a move expected to attract significant long-term investments.

Referring to India’s trade performance, Goyal highlighted that despite global headwinds, the country’s exports reached a record USD 863 billion last year, driven by growth in both merchandise and services. He said India is engaging with the world from a position of strength, supported by 38 Free Trade Agreements that open new avenues for investment and export expansion.

The Minister also emphasised the need to move up the value chain in manufacturing and exports, urging greater focus on automobiles, electronics, agro-based products and consumer goods so that primary producers benefit from enhanced value addition. He called for a shift from raw material exports to finished goods that can compete on global shelves.

Reiterating the government’s role as an enabler, Goyal spoke about ongoing reforms under initiatives such as Bhavya and the planned development of 100 industrial parks, 20 of which are already underway. He also suggested exploring a unified single-window mechanism within industrial parks to streamline approvals and improve ease of doing business.

Calling for greater private sector participation in governance reforms, the Minister urged industry stakeholders to actively engage in improving systems such as the national single-window clearance mechanism. He also announced internal reforms within the Commerce Ministry to consolidate its 482 offices across 216 cities into integrated, digitally connected single-point service centres.

Goyal concluded by urging industry and government to jointly build a culture of quality, innovation, localisation and efficiency, suggesting shared scorecards to track progress across key economic parameters. He reaffirmed that India’s Amrit Kaal journey must remain outcome-driven, collaborative and focused on transforming global challenges into sustained economic opportunity.