Piyush Goyal Calls for Faster Reforms and Industry-Government Collaboration to Achieve Viksit Bharat 2047

Union Minister of Commerce and Industry Shri Piyush Goyal has urged Indian businesses and the government to work together more closely to strengthen ease of doing business, improve global competitiveness, and accelerate India’s transformation into a developed nation by 2047.

Addressing the ASSOCHAM India Business Reform Summit 2026 in New Delhi, the Minister said the current global geopolitical and economic uncertainties should not be viewed as setbacks but as opportunities for India to strengthen resilience, modernise business systems, and deepen reforms.

Global Challenges Present Opportunities for India

Shri Goyal said India has consistently demonstrated its ability to turn crises into opportunities under the leadership of Prime Minister Narendra Modi. He noted that the country successfully navigated major global disruptions such as the COVID-19 pandemic and is now better positioned to respond to emerging geopolitical tensions and economic shifts.

“The present global situation and geopolitical uncertainties should be viewed as an opportunity for India to strengthen business processes, undertake faster reforms, build greater resilience and strengthen supply chains,” Goyal said.

Referring to ongoing tensions in West Asia and other global uncertainties, the Minister encouraged businesses to remain cautious but optimistic rather than panic-driven. He stressed the importance of adopting smarter operational practices, reducing waste, improving productivity, and investing in energy-efficient technologies.

India Emerging as Global GCC Hub

Highlighting India’s growing role in global business services, Shri Goyal pointed to the rapid expansion of Global Capability Centres (GCCs) in the country.

According to the Minister, India currently hosts approximately 1,800 GCCs, generating nearly 2 million direct jobs and close to 10 million indirect employment opportunities.

He said multinational corporations increasingly view India as a reliable and strategic global partner due to its skilled, youthful workforce and strong digital infrastructure.

The Minister also expressed confidence that emerging sectors such as Artificial Intelligence, cyber security, cloud computing, and digital services would drive the next phase of India’s economic growth.

Government Creating Ecosystem for Data Centres and Cloud Services

Shri Goyal said the government is actively building an investment-friendly ecosystem for data centres and cloud services through trusted international partnerships, renewable energy expansion, low-cost data access, and stronger power infrastructure.

In a major announcement, he revealed that cloud services exported from India or Indian data centres to the rest of the world would enjoy 100 percent tax-free status until 2047.

The Minister explained that increased investment in data centres would have widespread economic benefits across sectors such as:

• Real estate;

• Logistics;

• Hospitality;

• Transport;

• Healthcare;

• Education, and

• Manufacturing.

He said this would create a “virtuous cycle” of economic growth and employment generation.

India’s Exports Reach Record High

Despite global economic instability, trade conflicts, and geopolitical crises, India achieved record export performance last year.

Shri Goyal said India’s exports reached an all-time high of USD 863 billion, with strong growth recorded in both merchandise and services exports.

He highlighted that India is now engaging with the world economy from a position of strength and confidence.

The Minister also referred to India’s Free Trade Agreements (FTAs) with 38 countries, saying they create major opportunities for businesses to attract investment, expand exports, and enter new markets.

He urged Indian industries to proactively prepare for upcoming FTAs by:

• Exploring international markets;

• Conducting trial orders and product sampling;

• Increasing global partnerships, and

• Expanding export readiness even before agreements formally take effect.

Push for Value-Added Manufacturing and Exports

The Commerce Minister stressed the need for India to move beyond exporting raw materials and instead focus on value-added manufacturing.

He said sectors such as automobiles, electronics, consumer goods, agro-processing, and auto components should be prioritised to improve export earnings and create better returns for farmers and fishermen.

“Indian products should reach global shelves as finished products rather than merely as raw materials,” Goyal said.

He added that higher levels of localisation, innovation, and quality manufacturing would strengthen India’s global competitiveness.

Government Considering One-Stop Industrial Approval System

Shri Goyal also spoke about ongoing government initiatives aimed at improving ease of doing business.

Referring to the Bhavya initiative and plans for 100 new industrial parks, he revealed that 20 parks are already under various stages of development.

The government is now examining the possibility of establishing a single approval authority within industrial parks to function as a one-stop shop for both central and state-level clearances.

He said the proposal emerged from consultations with industry stakeholders seeking faster and simpler regulatory approvals.

Call for Stronger Private Sector Participation

The Minister urged businesses to become more actively involved in helping improve government systems and regulatory frameworks.

He noted that the National Single Window System launched after COVID-19 had not received enough engagement or constructive feedback from the private sector.

Goyal called on businesses to work closely with government departments to identify bottlenecks and suggest practical reforms that can improve efficiency and transparency.

Tourism, Energy Efficiency and Domestic Consumption Important for Growth

Shri Goyal further highlighted tourism and domestic consumption as key pillars of India’s economic growth strategy.

He encouraged citizens to promote Indian travel destinations and support domestic industries.

The Minister also referenced the success of the Ujala LED bulb programme, which significantly reduced national energy consumption and generated estimated annual savings of nearly one lakh crore rupees.

Government Pursuing Internal Reforms

The Commerce Minister said the government itself is also undertaking internal reforms to improve coordination and service delivery.

He revealed that the Ministry of Commerce and Industry currently operates through 482 offices spread across 216 cities under 46 organisations and is now working toward consolidating operations into integrated single-point service centres in major cities and state capitals.

This system would allow businesses to access services from organisations such as:

• DGFT;

• Coffee Board;

• Spices Board;

• Government e-Marketplace (GeM), and

• Other trade-related bodies through digitally connected systems.

Call for Outcome-Oriented Collaboration

Concluding his address, Shri Goyal urged industry and government to jointly develop measurable scorecards to monitor progress in areas such as:

• Import substitution;

• Indigenisation;

• Energy efficiency;

• Innovation, and

• Export growth.

He said India’s journey towards becoming a developed economy during the Amrit Kaal period must be collaborative, efficient, and focused on measurable outcomes.

“The Minister urged all stakeholders to work together towards making the Amrit Kaal journey towards Viksit Bharat more outcome-oriented, efficient and collaborative.”