Press Release

Geopolitical Risks an Opportunity for Faster Reforms: Piyush Goyal

As India made significant headway towards becoming a globally competitive manufacturing hub and a preferred investment destination, it must focus on policy predictability and measurable outcomes. ASSOCHAM’s ‘India Business Reform Summit 2026’ brough together diverse perspectives and best practices to further accelerate the growth story.

Speaking at the event, Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry underscores India’s strategic commitment to structural reforms designed to achieve the Viksit Bharat by 2047. “Whenever the times are tough, whenever we have any difficulty, that's when the best comes out of all of us and I have absolutely no doubt that we will convert the current situation and the risks associated with the geopolitics around the world into an opportunity for faster reform, we're into preparing ourselves for greater resilience, make our supply chains stronger and use every bit of opportunity that the world provides.” Said the Minister.

On the FTA the minister said “I think that all of us are very conscious of engaging with the world from a position of strength. India is a competitive manufacturer of goods, provider of services. If we need high quality precision capital goods, we will need to import them. They are the enablers for the India's growth story and I don't think we should be worried about such productive imports but convert these opportunities into reality in terms of greater exports.”

“Despite the high US tariffs, Ukraine war and the west Asian crisis our exports were at an all-time high at $863 billion last year, growing both in merchandise and in service.” Added the Minister

Shri Jitin Prasada, Minister of State (MoS) for Commerce and Industry highlights India’s economic momentum and its strategic positioning on the global stage. “We are at a defining moment in India's trajectory power by the twin engines of technology and trade. Amidst the global uncertainty, India is that stable island in the world. We have a stable government and when you have the mandate of the people, the government has the leverage to take bold decisions and to think long term, making policies and programme for the long run. Legislations have been brought into effect only after stakeholder consultations. Furthermore, Centre-state coordination and competitive federalism have improved. Our 1.4 billion population, has become the biggest strength as the villages where India resides have become aspirational and they have got the money to spend. We are the biggest market globally and we want investors to not only treat India as a market for their products, but to invest in India and be a partner in the growth story.”

Delivering the opening remarks, Shri Nirmal Kr. Minda, President, ASSOCHAM said, “Major reforms over the last decade has improved transparency, reduced compliance burden, accelerated digitisation and simplified business processes across sectors. India is now increasingly being recognised as a stable, resilient and trusted destination for global investment at a time when companies are diversifying supply chains, exploring alternative manufacturing hub. The next phase of reform should focus on improving the ease of operating and scaling businesses through faster approvals, reduce procedural delays, stronger dispute resolution mechanisms and better centre-state coordination.”

Speaking at the event, Ms. Sushma Paul Berlia, Chairman ASSOCHAM National Council on Ease of Doing Business said, " At a time when the global economy has been navigating unprecedented uncertainty from geopolitical conflicts and supply chain disruptions to inflationary pressures and economic slowdown, India has still remained one of the fastest growing economies. This resilience has been possible because of stable governments, the system's policy direction, strong macroeconomic management and the decisive reforms that have been taken."

Deliberations at the event, involving policymakers, senior bureaucrats, centre-state governments and industry leaders focussed on manufacturing transformation, state-led investment facilitation and enabling MSMEs through simplified regulatory frameworks and improved access to opportunities.