Union Commerce and Industry Minister Piyush Goyal on Friday said India’s trade engagements are expanding rapidly, with negotiations currently underway with 14 countries or blocs representing nearly 50 nations. He said India has already concluded balanced free trade agreements with Australia, the UAE, Mauritius, the UK and the EFTA bloc.
Addressing the 98th Annual General Meeting of FICCI in New Delhi, Goyal said India’s global trade relationships are strengthening as discussions continue with the US, EU, GCC nations, New Zealand, Israel, Canada, South Africa, Eurasia and the Mercosur group.
Emphasising that self-reliance has been part of India’s civilisational ethos, Goyal said the vision has been reinforced under Prime Minister Narendra Modi’s leadership through the Atma Nirbhar Bharat initiative. He referred to the teachings of the Bhagavad Gita and Mahatma Gandhi’s Swadeshi movement to underline the concept’s historical significance.
On the recently signed EFTA agreement, Goyal said the grouping has committed USD 100 billion investment in India over 15 years, which will significantly boost precision manufacturing and innovation capacity. He added that India’s innovation ecosystem offers major cost advantages, enabling high-quality R&D at a fraction of global costs.
The Minister said India’s strengths in technology and research, supported by a young demographic and rapid digital adoption, place the country in a strong position to lead in emerging sectors such as AI, automation, robotics and deep-tech. He highlighted that the government’s newly announced USD 12 billion Research, Development and Innovation Fund will act as a catalytic push.
Goyal said India must focus on large-scale skilling to make youth future-ready, noting that unlike ageing developed nations, India’s young workforce adapts quickly to new technologies.
Pointing to global geopolitical developments, he said disruptions in global supply chains have increased the need for trusted partners. India’s expanding FTAs, he added, aim to build long-term, transparent and mutually beneficial economic partnerships.
Goyal outlined India’s progress through the PESTLE framework, emphasising political stability, large-scale economic reforms, labour reforms, and welfare-driven social policies. He highlighted initiatives such as the Semiconductor Mission, the permanent magnet production programme, and reforms under Jan Vishwas 3.0 aimed at strengthening industry confidence and ease of doing business. He also noted that the Atomic Energy Bill 2025 marks a major shift by opening up the nuclear sector to enhance energy security.
Calling on FICCI to play a more mission-driven role, Goyal said industry must scale up innovation, deepen R&D, strengthen collaboration with academia and partner in India’s goal of becoming a developed nation by 2047.