New Delhi : At the 98th Annual General Meeting of FICCI in New Delhi, Union Commerce and Industry Minister Piyush Goyal underscored India’s strengthening global trade relations and innovation‑driven growth.
Expanding Trade Network
Goyal noted that India has already signed balanced trade agreements with Australia, the UAE, Mauritius, the UK, and the EFTA bloc, while ongoing negotiations involve nearly 50 nations, including the US, EU, GCC, New Zealand, Israel, Canada, South Africa, and Mercosur. He emphasized that these partnerships are designed to build resilient supply chains and long‑term cooperation based on fairness and transparency.
Self‑Reliance and Atma Nirbhar Bharat
Reaffirming India’s civilisational ethos of self‑reliance, Goyal recalled Gandhian principles of Swadeshi and the vision of Atma Nirbhar Bharat under Prime Minister Narendra Modi. He said this approach continues to guide India’s economic strategy and global positioning.
Innovation and Investment
Highlighting the recent EFTA agreement, Goyal announced the bloc’s commitment to invest USD 100 billion in India’s innovation and precision manufacturing sectors. He stressed India’s cost advantage in research and innovation compared to Western economies, urging industry leaders to adopt a forward‑looking, globally competitive mindset.
Technology and Talent
India’s strengths in STEM education, digital adoption, and a youthful workforce were spotlighted as key drivers of growth in areas such as AI, robotics, automation, and deep‑tech innovation. The recently launched USD 12 billion RDI fund and continued support for startups are expected to accelerate this ecosystem further.
Skilling and Demographics
Goyal emphasized the importance of skilling initiatives to prepare India’s youth for emerging opportunities, noting that unlike ageing populations in developed economies, India’s demographic advantage positions it as a major player in the global technology landscape.
Policy and Governance
Using the PESTLE framework, Goyal outlined India’s strengths:
- Political stability and “Minimum Government, Maximum Governance” boosting investor confidence
- Economic initiatives like the National Manufacturing Mission and ₹25,000 crore Export Promotion Mission
- Social reforms through Labour Codes and Antyodaya for inclusive welfare
- Technology missions including the ₹76,000 crore Semiconductor Mission and ₹7,000 crore permanent magnet programme
- Legal reforms such as Jan Vishwas 3.0 and the Atomic Energy Bill 2025, opening the nuclear sector for energy sovereignty
Call to Action
Concluding his address, Goyal urged FICCI and industry leaders to adopt a mission‑driven approach, deepen research and innovation, and strengthen industry‑academia collaboration. He said collective efforts will be crucial in realizing India’s vision of becoming a developed, self‑reliant economic power by 2047.
