Rural Industries Urged to Capitalise on Global Uncertainties and Diversify Amid Volatility

India's Commerce Minister Piyush Goyal Urges Businesses to Capitalize on Global Uncertainties

Indian businesses should seize the current global economic uncertainties as opportunities for growth and not panic over the situation, Commerce and Industry Minister Piyush Goyal said on Tuesday. Speaking at Assocham's India Business Reform Summit 2026, Goyal emphasized that the present global situation and geopolitical uncertainties should be viewed as a chance for India to strengthen business processes, undertake faster reforms, build greater resilience, and strengthen supply chains.

Goyal noted that India and Prime Minister Narendra Modi have never let a crisis go by and that the current situation is an opportunity for the country to engage more deeply with the world. He encouraged businesses to find ways to strengthen their processes and prepare for uncertain times to achieve a brighter and better future. The minister highlighted the effectiveness of digital engagement and remote working models, which were demonstrated during the COVID period.

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

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India is now targeting exports worth USD 1 trillion, and exporters are encouraged to proactively leverage upcoming free trade agreements (FTAs) by exploring new markets, conducting sampling and trial orders, and increasing global engagement even before the agreements formally come into effect. The minister emphasized that 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.

The ministry is working towards consolidating operations into single-point contact centers in state capitals and major cities, enabling businesses to access services related to organizations such as the Directorate General of Foreign Trade (DGFT), Coffee Board, Spices Board, GeM, and other bodies through integrated and digitally connected systems.