New Delhi [India], June 10 (ANI): Union Minister Piyush Goyal held a meeting with Janet Truncale, Global Chair and CEO of Ernst & Young (EY), to discuss India's growing role in global supply chains and the expanding opportunities in Global Capability Centres (GCCs).

He said the discussions also covered investment opportunities in India, noting the country's strong economic growth momentum and its emergence as a preferred global investment destination.

In a post on X on Tuesday, Goyal wrote, '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).'

https://x.com/PiyushGoyal/status/2064383525210698167

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

Earlier on Monday, Goyal expressed strong confidence in India's pharmaceutical sector, saying the country's USD 60 billion pharmaceutical Industry is poised to double in the next five years, 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.

He outlined three pillars defining India's pharmaceutical strength.

First, 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 in the world. Ten out of 25 global generic companies operate out of India.

Second, 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 accross sector, including pharma. Goyal noted that due to India's significantly lower cost of operations, this investment carries the effective weight of roughly $100 billion in a country like Switzerland.

'You can probably get the same talent at one-tenth the price in India, and serve global innovation needs from here,' he said. (ANI)