Goyal calls global crisis India’s biggest growth opportunity

REFORM THROUGH CRISIS | Nation targets stronger growth despite disruptions

PTI New Delhi

Union Minister of Commerce and Industry Piyush Goyal on Tuesday said Indian businesses should turn the current global economic uncertainties into opportunities for growth and not panic over the situation.

Speaking at the India Business Reform Summit 2026 of the Associated Chambers of Commerce and Industry of India (Assocham), Goyal said 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. 

"India and Prime Minister Narendra Modi have never let a crisis go by and the situation in the world is truly an opportunity, a moment of uncertainty that we should engage more deeply with. Find ways to strengthen our business processes and prepare ourselves on these uncertain times for brighter and better future," he said. He added that lessons learnt during the Covid period had demonstrated the effectiveness of digital engagement and remote working models. 

"In such a situation, we do not need to panic," Goyal said, adding that the West Asia crisis and emerging technologies like artificial intelligence (AI) bring opportunities for Indian industry to seize. 

Goyal urged industry to adopt greater efficiency and reduce waste by learning from global best practices, including Japanese manufacturing systems.  Despite global challenges such as tariffs, the Ukraine conflict and the West Asia crisis, India's exports reached an all-time high of $863 billion last fiscal year, with growth recorded in both merchandise and services exports. 

Free trade agreements (FTAs) finalised by India are opening doors for greater engagement which needs to be leveraged for attracting investments and increasing exports rather than allowing imports alone to rise.  

Referring to suggestions received during discussions with industry representatives, the minister said the government is examining the possibility of establishing a single body at industrial parks to function as a one-stop shop for all central and state approvals. 

He also urged greater engagement from the private sector in improving government systems, while expressing concern that the national single-window system had not received adequate participation and feedback from the industry. He called upon businesses to work with the government in identifying specific pain points and improving ease of doing business through collaborative efforts.  India is now targeting exports worth $1 trillion, and exporters should proactively leverage upcoming FTAs by exploring new markets, conducting sampling and trial orders and increasing global engagement even before the agreements formally come into effect, Goyal said.  Further, he added that the ministry, which has 482 offices across 216 cities under 46 organisations, is working towards consolidating operations into single-point contact centres in state capitals and major cities.