Union Minister Piyush Goyal met Janet Truncale, Global Chair and CEO of Ernst & Young (EY), to discuss India’s strengthening position in global supply chains as well as the rising potential of Global Capability Centres (GCCs). He also highlighted growing investment opportunities in India, pointing to the country’s strong economic growth and its increasing appeal as a global investment hub.

In a post on X, Goyal shared that the discussion with the EY chief focused on India’s expanding role in international supply networks and the opportunities emerging in GCCs. He further noted that India’s economic momentum is making it a preferred destination for global investors. Speaking at the Pharmaceutical Export Promotion Council’s Global Ambassadors Meet during IPHEX 2025, Goyal expressed confidence that India’s $60 billion pharmaceutical industry could double within the next five years.

He outlined three key strengths driving the sector—trust, innovation, and cost efficiency. He highlighted that India’s Good Manufacturing Practices align with global standards, the country produces a significant share of WHO vaccine demand, and it hosts the highest number of US FDA-approved pharmaceutical facilities worldwide. He also pointed out that several major global generic companies operate from India.

On innovation, he noted that patent filings have nearly doubled in recent years and referenced government initiatives like Biopharma Shakti and a $10 billion innovation fund aimed at boosting research across sectors, including pharmaceuticals. Emphasizing India’s cost advantage, he said the country offers highly skilled talent at significantly lower operational costs, making it a strong base for global innovation and research activities.

Disclaimer: This image is taken from X/@PiyushGoyal.