Leverage FTAs to boost exports, turn West Asia crisis into reform opportunity: Piyush Goyal tells India Inc

Commerce and Industry Minister Piyush Goyal on Tuesday urged Indian industries to proactively leverage Free Trade Agreements (FTAs) and view the ongoing West Asia crisis as an opportunity to strengthen business resilience, improve efficiency, and accelerate reforms. 

Addressing the ASSOCHAM India Business Reform Summit 2026 in New Delhi, Goyal said India has historically turned global disruptions into opportunities and should continue to do so amid current geopolitical uncertainties. “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,” the minister said. 

Referring to the tensions in West Asia, Goyal asked businesses to stay alert without panicking. “Businesses should remain alert to both opportunities and risks without panicking,” he said, adding that India had successfully overcome unpredictable crises such as the COVID-19 pandemic through adaptability and smarter business practices. 

The minister said companies should focus on reducing waste, improving productivity and adopting energy-efficient systems to remain globally competitive. He also pointed to lessons from the pandemic period, saying digital engagement and remote working models had proven highly effective. 

Push to leverage FTAs 

Highlighting India’s expanding trade engagement with the world, Goyal said the country now has FTAs covering 38 countries and businesses must take full advantage of these agreements. 

“Indian businesses must leverage them for attracting investments and increasing exports rather than allowing imports alone to rise,” he said. 

The minister said India’s exports touched an all-time high of ₹863 billion last year despite global challenges including tariffs, the Ukraine conflict and the West Asia crisis. He added that the government is now targeting exports worth ₹1 trillion and urged exporters to prepare for upcoming FTAs by exploring new markets and increasing global engagement even before the agreements formally come into effect. 

“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," he said.

GCC growth, reforms in focus 

Goyal also highlighted the rapid expansion of Global Capability Centres (GCCs) in India, saying nearly 1,800 GCCs are currently operating in the country. “Around 1,800 GCCs are operating in the country and generating nearly 2 million direct jobs and around 10 million indirect jobs,” he said, adding that global companies increasingly see India as a trusted partner due to its skilled and youthful workforce. 

The minister said the government is working on further ease-of-doing-business reforms, including plans for integrated approval systems in industrial parks and consolidation of commerce ministry services into digitally connected single-point contact centres.