Piyush Goyal meets EY CEO, discusses India's global supply chain role and investment

Union Minister Piyush Goyal met with Janet Truncale, Global Chair and CEO of Ernst & Young (EY), to explore India's increasing significance in global supply chains and the growth of Global Capability Centres (GCCs).

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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).

The discussions, as detailed in Goyal's post on X, also focused on investment prospects within India, underscoring the nation's robust economic momentum and its status as a favored location for international investment.

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Also discussed investment avenues, given India's strong economic growth momentum & emergence as a preferred global investment destination.

Separately, Goyal expressed strong optimism about India's pharmaceutical industry. He projected that the sector, currently valued at $60 billion, is set to double within the next five years. This growth is anticipated to be fueled by three key pillars: trust, demonstrated by alignment with global manufacturing standards and a high number of US FDA-approved plants; innovation, evidenced by a near doubling of patent filings and government initiatives like Biopharma Shakti; and cost-effectiveness, where India's lower operational expenses allow for global innovation needs to be met at a fraction of the cost compared to countries like Switzerland.

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You can probably get the same talent at one-tenth the price in India, and serve global innovation needs from here.