Commerce and Industry Minister Piyush Goyal announced that India is actively broadening its global trade connections. The Oman free trade agreement (FTA) became effective on June 1, with more significant FTAs set to launch in the next six months. Goyal revealed plans for executing three to four major FTAs in the coming year, with all nine FTAs in the pipeline expected to be operational within the next 9–10 months.
Goyal highlighted the government’s efforts to maintain uninterrupted fuel supplies amidst the recent West Asia crisis. He emphasized that India has successfully diversified its energy sources to manage supply disruptions during the crisis. The minister assured the availability of essential fuels like petrol, diesel, aviation turbine fuel, LNG, and LPG at reasonable prices despite global inflation and energy risks.
In addition, Goyal mentioned the government’s commitment to providing fertilizers to farmers at stable prices, despite global price fluctuations. He projected India as a credible global manufacturing and investment alternative, predicting it to be the fastest-growing economy for the next two decades. Goyal emphasized that India offers attractive opportunities for long-term global capital and highlighted the country’s potential for growth and returns.
Furthermore, Goyal emphasized India’s transition from assembly and imported technologies to an innovation hub. He outlined the country’s focus on design, research, development, new-age technologies, and artificial intelligence applications. India is also promoting clean energy to support emerging technology sectors like data centers. Goyal’s remarks align with the government’s strategy to position India as a hub for manufacturing, technology, and investment.
