Union Commerce and Industry Minister Piyush Goyal emphasized that India’s recent free trade agreements with developed economies have granted the nation access to markets representing almost 70% of the global GDP. Speaking at the inauguration of the Innovation and Incubation Centre at the National Institute of Design in Ahmedabad, Goyal praised these agreements as a strategic move by Prime Minister Narendra Modi to bolster India’s manufacturing, exports, design, and innovation sectors.
Goyal noted that Prime Minister Modi has successfully concluded free trade pacts with 38 countries, encompassing nearly 70% of the global GDP. These agreements, according to Goyal, are with robust and advanced economies rather than those in direct competition with India. He highlighted that these deals cover a significant portion of global trade and will facilitate Indian companies in their international expansion efforts.
The minister underscored the importance of enhancing product design, packaging, branding, and innovation to leverage these agreements effectively for capturing global markets. He linked these trade agreements to India’s broader economic transformation initiatives like ‘Make in India,’ ‘Startup India,’ and ‘Digital India,’ which were launched by Prime Minister Modi in 2014.
Goyal also emphasized India’s attractiveness for innovation and technology investments due to factors such as low-cost internet access, expanding digital infrastructure, and a trustworthy environment for intellectual property. He mentioned that India’s credibility in innovation has led to the establishment of innovation and design centers by numerous globally renowned companies in the country.
Highlighting India’s economic progress, Goyal pointed out that the nation has emerged as the world’s fastest-growing major economy and hosts the third-largest startup ecosystem globally. He stressed the importance of sectors like semiconductors, artificial intelligence, quantum computing, machine learning, and deep technology for future growth and urged students and startups to focus on these areas.
