Union Minister Piyush Goyal held a meeting with Janet Truncale, Global Chair and CEO of Ernst & Young (EY), to discuss India's expanding role in global supply chains and the increasing opportunities within Global Capability Centres (GCCs). The discussions also highlighted investment avenues in India, driven by the country's strong economic growth and its emergence as a preferred destination for global investors.
Key points from the meeting
In a post on X, Goyal stated, 'Held a meeting with Ms Janet Truncale, Global Chair & CEO of EY. Exchanged views on India's consistently growing role in global supply chains & opportunities regarding Global Capability Centres (GCCs).' He added, 'Also discussed investment avenues, given India's strong economic growth momentum & emergence as a preferred global investment destination.'
India's pharmaceutical sector poised for growth
Earlier on Monday, Goyal expressed strong confidence in India's pharmaceutical sector, noting that the country's USD 60 billion pharmaceutical industry is expected to double within the next five years. He made these remarks while addressing the Pharmaceutical Export Promotion Council's Global Ambassadors Meet on the sidelines of IPHEX 2025, the 12th edition of India's premier pharma and healthcare exhibition.
Goyal outlined three pillars that define India's pharmaceutical strength:
- Trust: India has aligned its Good Manufacturing Practices framework with global benchmarks, produces 65-70% of the World Health Organisation's vaccine requirements, and hosts the largest number of US FDA-approved plants of any country. Ten out of 25 global generic companies operate out of India.
- Innovation: Patent filings have nearly doubled in recent years. The government has launched Biopharma Shakti to encourage domestic pharmaceutical innovation and has committed a USD 10 billion fund to support innovation across sectors, including pharma. Goyal noted that due to India's significantly lower cost of operations, this investment carries the effective weight of roughly USD 100 billion in a country like Switzerland.
- Cost advantage: 'You can probably get the same talent at one-tenth the price in India, and serve global innovation needs from here,' he said.
The meeting between Goyal and Truncale underscores India's strategic positioning in global supply chains and its attractiveness as an investment hub, particularly in high-growth sectors like pharmaceuticals and technology-enabled services.
