Union Commerce and Industry Minister Piyush Goyal held talks with Janet Truncale, Global Chair and Chief Executive Officer of Ernst & Young (EY), on India’s increasing importance in global supply chains and the opportunities emerging in the Global Capability Centre (GCC) ecosystem.

The discussions also focused on investment prospects in India, with both sides exchanging views on the country’s economic momentum and growing appeal among international investors.

Sharing details of the meeting on X, Goyal said India was strengthening its position as a preferred destination for global investments.

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).

Also discussed investment avenues, given India’s strong economic growth… pic.twitter.com/5gS795gPUo

— Piyush Goyal (@PiyushGoyal) June 9, 2026

Focus On Supply Chains And GCC Opportunities

“Held a meeting with Ms Janet Truncale, Global Chair & CEO of EY. Exchanged views on India’s consistently growing role in global supply chains and opportunities regarding Global Capability Centres (GCCs),” Goyal said in a post.

He added that discussions also covered investment avenues amid India’s strong economic growth trajectory.

India has witnessed a rapid expansion of Global Capability Centres in recent years, with multinational companies increasingly setting up technology, innovation and back-office hubs in the country. Industry experts view the segment as one of the major drivers of employment and high-value services growth.

The meeting comes as India seeks to strengthen its position in global manufacturing and services supply chains while attracting greater foreign investment.

Minister Projects Strong Growth In Pharma Sector

Earlier this week, Goyal expressed confidence in the future of India’s pharmaceutical industry, stating that the sector, currently valued at around USD 60 billion, is expected to double in size over the next five years.

Speaking at the Pharmaceutical Export Promotion Council’s Global Ambassadors Meet on the sidelines of IPHEX 2025, he outlined three pillars underpinning India’s pharmaceutical success: trust, innovation and competitiveness.

According to the minister, India currently meets 65 to 70 per cent of the World Health Organisation’s vaccine requirements and hosts the highest number of US Food and Drug Administration-approved manufacturing plants outside the United States.

He also noted that 10 of the world’s top 25 generic pharmaceutical companies operate from India.

Innovation Push Backed By Government Support

Highlighting the government’s efforts to encourage research and development, Goyal said patent filings in India had nearly doubled in recent years.

He pointed to the launch of the Biopharma Shakti initiative and the government’s USD 10 billion innovation fund aimed at supporting emerging sectors, including pharmaceuticals.

Emphasising India’s cost advantage, the minister said investments made in the country could deliver significantly higher value compared with advanced economies.

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

The government has been actively promoting India as a hub for innovation, manufacturing and high-value services as it seeks to accelerate economic growth and attract global businesses.

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