Union Commerce and Industry Minister Piyush Goyal on the ongoing West Asia conflict and its global impact said the present geopolitical uncertainties should be viewed as an opportunity for India to strengthen business processes, undertake faster reforms, build greater resilience, and reinforce supply chains.
“India has never allowed a crisis to go to waste,” he said, expressing confidence that the country would convert current global risks into opportunities for growth and reform.
Speaking at the ASSOCHAM India Business Reform Summit 2026 on the evolving global situation and the West Asia crisis, Goyal said businesses should remain alert to both opportunities and risks without panicking.
He said India had successfully overcome unpredictable challenges such as the COVID-19 pandemic and emphasised the need for smarter and more efficient business practices, including reducing waste, improving productivity, and adopting energy-efficient measures.
Goyal stressed that India should view emerging technologies, business reforms, and global developments as opportunities. “The government is creating an enabling ecosystem for investments in data centres and cloud services through trusted global partnerships, low-cost data availability, expansion of renewable energy, and robust power infrastructure,” he said.
The minister informed that cloud services provided from India or Indian data centres to the rest of the world have been granted 100 per cent tax-free status till 2047. He added that investments in data centres would generate demand across sectors such as real estate, hospitality, logistics, transport, healthcare, education, and manufacturing, thereby creating a virtuous cycle of economic growth.
Goyal urged industry leaders to adopt greater efficiency and reduce waste by learning from global best practices, including Japanese manufacturing systems.
“Despite global challenges such as tariffs, the Russia-Ukraine conflict and the West Asia crisis, India’s exports reached an all-time high of USD 863 billion last year, with growth recorded in both merchandise and services exports,” he said.
The minister further highlighted that India is engaging with the world from a position of strength and noted that the country is emerging as a competitive manufacturer of goods and provider of services.
Referring to Free Trade Agreements (FTAs) covering 38 countries, Goyal said these agreements open doors for greater global engagement and stressed that Indian businesses must leverage them to attract investments and increase exports rather than merely allowing imports to rise.