India Must Expand International Trade Ties: Piyush Goyal
India needs to enhance its global involvement to achieve its goal of being a $30 trillion economy by 2047, stated Union Minister of Commerce and Industry Piyush Goyal.
During the concluding session of the 5th Annual Meeting of the India Global Innovation Connect, the Minister stressed that India's economic growth is not a game with limited benefits.
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He contended that the nation's path is closely tied to cultivating strategic alliances with developed countries, which can enhance rather than rival Indian industries.
"We possess a well-defined plan and an articulated objective to transform India into a developed nation by 2047..." At that moment, I would estimate the Indian economy to be roughly around $30 trillion... "The Minister stated that this won't be feasible without increasing our global involvement."
He also pointed out that these advanced economies encounter demographic issues that create a distinct opportunity for India's growth approach. "Goyal emphasized that they possess aging populations and consequently require youthful talent and skills, which India provides in plenty."
The Minister stated that the elevated expenses of research, development, and manufacturing in these advanced countries necessitate a collaborative approach. "Taking all of this into account, we acknowledge that significant regions such as Europe, the US, Canada, Israel, Gulf nations, Australia, and New Zealand pose no threat to India and its enterprises," the Minister states.
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"Cost of production and cost of research and development in these developed economies are becoming prohibitively high... therefore, a partnership between India and such developed countries complements each other rather than competes with them," he states.
Goyal asserts that these global partnerships are a strategic element of India's comprehensive economic strategy. He emphasized that India has "signed 9 free trade agreements in the past 3-3.5 years. These include 38 nations, considerably wealthier and more thriving than India... providing them with a vast Indian market."
These agreements aim to grant these countries entry to India's expanding market of 1.4 billion hopeful consumers while directing essential investments into the Indian ecosystem. "They possess considerable capital and pools of funds that they aim to utilize." "And India presents an ideal opportunity," he states.
In addition to these wide-ranging economic objectives, the Minister emphasized the necessity of developing a high-caliber ecosystem to foster new technologies and comply with international quality standards. During his visit, Goyal engaged in a discussion with Claude Smadja, Chairman of Smadja & Smadja, to review the government's initiatives to enhance infrastructure and streamline the business climate.
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In a post on X, Goyal said, "Had an engaging interaction with Mr. Claude Smadja, Chairman of Smadja & Smadja, at the India Global Innovation Connect 2026. Highlighted the Modi Government's dedicated efforts to boost infrastructure development, strengthen India's position in global supply chains & enhance ease of doing business while fostering innovation-led growth.”
He emphasized that programs like "Make in India" and numerous pro-business reforms are establishing the country as a more appealing location for international investment.
"Emphasised the scale of opportunities India presents today, powered by initiatives like Make in India, a thriving manufacturing ecosystem & business-friendly reforms, positioning the nation as an attractive destination for global investment," the Minister states.