Union Minister Piyush Goyal recently emphasized the importance of collaboration between Indian businesses and the government. He believes that this partnership can improve the ease of doing business, boost global competitiveness, and help India become a developed nation by 2047.
During his speech at the ASSOCHAM India Business Reform Summit 2026 in New Delhi, Goyal urged that current global challenges should be seen as stepping stones rather than obstacles. He pointed out that India has a history of transforming crises into opportunities, especially seen in how the nation managed the disruptions caused by the COVID-19 pandemic.
Recent data underscores this perspective. According to the World Bank, India’s resilience during the pandemic helped it rebound faster than many economies. The Minister stressed the need for businesses to adopt innovative practices, maximize productivity, and invest in energy-efficient technologies.
Goyal noted that India is becoming a major hub for Global Capability Centres (GCCs). Currently, there are around 1,800 GCCs in India, creating nearly 2 million direct jobs and about 10 million indirect ones. This growth is linked to India’s skilled workforce and solid digital infrastructure, which make it a favored partner for multinational companies.
He also announced a new initiative: cloud services exported from India will enjoy 100 percent tax-free status until 2047. This move aims to boost the data center sector, benefiting various industries such as real estate, logistics, and healthcare.
Despite global economic challenges, India achieved record exports of USD 863 billion last year. This included significant growth in both goods and services. Goyal highlighted India’s strategic Free Trade Agreements (FTAs) with 38 countries, encouraging businesses to prepare for expanding opportunities in international markets.
To further enhance its export strategy, Goyal stressed the need for value-added manufacturing. He called for focusing on sectors like automobiles and electronics, stating, “Indian products should reach global shelves as finished products.”
Additionally, the government is considering a one-stop industrial approval system to simplify regulatory processes. This initiative aims to make it easier for businesses to gain necessary approvals efficiently.
Goyal also highlighted the importance of domestic consumption and tourism in driving economic growth. He encouraged citizens to support local industries and travel destinations. Citing the Ujala LED bulb program, which significantly cut energy consumption and costs, he showcased how such initiatives can impact the economy positively.
As the government works to streamline operations across its 482 offices, it aims to create accessible service centers in major cities. This move will allow businesses to connect with various trade-related organizations seamlessly.
In wrapping up, Goyal encouraged all stakeholders to work toward measurable goals in key areas like innovation and export growth. He stressed that India’s path to becoming a developed economy must be collaborative and results-oriented.
This call for cooperation comes at a time when many in the business community are eager to engage with the government to refine processes and push for necessary reforms, showcasing the potential for fruitful partnerships in shaping the future of India’s economy.
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Piyush Goyal, India, Viksit Bharat 2047, ASSOCHAM, Indian Economy, Exports, Ease of Doing Business, Global Capability Centres, Artificial Intelligence, Cloud Services, Free Trade Agreements, Data Centres, Economic Growth, Manufacturing, Commerce Ministry
