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Union Minister of Commerce and Industry Piyush Goyal has highlighted India’s growing engagement with the global economy, saying the country is working to strengthen its participation in global value chains and supply chains as it moves toward becoming a $30 trillion economy.
Speaking at the Leadership Dialogue during the 13th PAFI Annual Forum 2026 in New Delhi, Goyal said India is currently engaging with the global community as a $4 trillion economy.
On a purchasing power parity basis, however, India’s economy is estimated at around $20 trillion, making it the world’s third-largest economy on that measure.
The Minister said India’s trade strategy is evolving in line with its expanding economic scale and its ambition to build stronger connections with international markets.
He emphasized the scope for broader economic partnerships that can facilitate the movement of goods and services, while also supporting tourism, education and sports-related exchanges.
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Goyal said India is pursuing discussions with several countries and regional groupings to expand market access and strengthen its integration with international supply and value chains. These include Canada, Chile, Peru, the Southern African Customs Union (SACU), Mexico, Maldives, Eurasia, Central Asia, Russia, the Gulf Cooperation Council (GCC) and Israel.
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The engagements are aimed at creating greater opportunities for Indian businesses and improving the flow of goods and services across borders. They also form part of India’s broader efforts to deepen trade and economic partnerships as global supply chains undergo changes.
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The Commerce Minister’s comments come as India continues to pursue trade agreements and economic partnerships with major markets. The Department of Commerce has identified export growth, competitiveness and stronger international market access as key priorities for India’s external trade strategy.