Indian Economy News

Union Minister Mr. Piyush Goyal Urges Industry-Government Collaboration to Strengthen Reforms and Resilient Growth

India is positioning itself to convert global geopolitical uncertainties into opportunities for economic reforms, resilience and stronger supply chains, Union Commerce and Industry Minister Mr. Piyush Goyal said while addressing the ASSOCHAM India Business Reform Summit 2026 in New Delhi. The statement further emphasised that industry and government must collaborate more closely to improve ease of doing business, enhance competitiveness and accelerate the country’s progress towards Viksit Bharat 2047. Referring to disruptions caused by COVID-19, the Ukraine conflict and the West Asia crisis, the statement highlighted that India has consistently transformed challenges into opportunities through reforms and efficient governance. It was further highlighted in the statement that the rapid rise of Global Capability Centres (GCCs) in India, noting that around 1,800 GCCs are generating nearly 2 million direct jobs and about 10 million indirect jobs. The statement also underscored that international firms increasingly view India as a trusted partner with a talented workforce and strong digital capabilities.

The statement further emphasised that emerging sectors such as Artificial Intelligence, cyber security, cloud computing and data centres would create major growth opportunities. In continuation, the statement added that cloud services provided from Indian data centres to the world have been granted 100% tax-free status till 2047. Moreover, the statement outlined that India’s exports touched an all-time high of Rs. 74.62 lakh crore (US$ 863 billion) last year despite global uncertainties. The statement further emphasised that the Ujala LED programme has generated annual savings of around Rs. 1 lakh crore (US$ 11.15 billion). In continuation, the statement added that businesses should focus on localisation, innovation and value-added exports while leveraging Free Trade Agreements covering 38 countries to explore new global markets proactively.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.