Piyush Goyal, EY CEO Discuss India’s Expanding Role in Global Supply Chains
India’s economic momentum, supply chain integration and innovation ecosystem highlighted during talks with EY Global CEO
New Delhi, June 10: Union Commerce and Industry Minister Piyush Goyal on Tuesday met Janet Truncale, Global Chair and Chief Executive Officer of EY, to discuss India’s increasing integration into international supply networks, the growth of Global Capability Centres (GCCs), and emerging investment opportunities across sectors.
Sharing details of the meeting on social media platform X, Goyal said the discussions focused on India’s expanding contribution to global value chains and the country’s attractiveness as a destination for multinational businesses seeking to establish and scale GCC operations.
The minister also highlighted India’s robust economic performance and its rising appeal among global investors. He noted that sustained growth, policy reforms and a business-friendly environment have strengthened the country’s position as a preferred investment hub.
“Held a meeting with Ms Janet Truncale, Global Chair & CEO of EY. Exchanged views on India’s consistently growing role in global supply chains and opportunities regarding Global Capability Centres (GCCs),” Goyal said in a post.
The interaction comes amid growing international interest in India’s manufacturing and services sectors, supported by strong domestic demand and an expanding digital economy.
Separately, addressing the Pharmaceutical Export Promotion Council’s Global Ambassadors Meet during IPHEX 2025, Goyal expressed confidence in the future of India’s pharmaceutical industry. He said the sector, currently valued at around USD 60 billion, has the potential to double in size over the next five years.
The minister identified trust, innovation and cost competitiveness as the key drivers of the industry’s growth. He pointed out that India meets a substantial share of global vaccine demand, has a large network of US FDA-approved manufacturing facilities and continues to strengthen its regulatory standards in line with international benchmarks.
Emphasising innovation, Goyal said patent filings have risen significantly in recent years, while government initiatives such as Biopharma Shakti and a USD 10 billion innovation fund are expected to accelerate research and development.
He added that India’s lower operational costs provide companies with access to skilled talent and innovation capabilities at a fraction of the expense incurred in many developed economies, making the country an increasingly attractive base for global pharmaceutical research and manufacturing.
