Piyush Goyal urges Indian industry to make the most of FTAs, expand exports to realise $5 trillion economy goal by 2027

Since 2014, India has signed five FTAs with Mauritius, the UAE, Australia, EFTA and the UK.

In addition, India is negotiating trade agreements at present with a number of its trading partners, including US, the European Union (EU), Israel and New Zealand.

India’s FTAs are strategic, not one-sided

Addressing a webinar organised by MCCI themed 'India's march towards a $5 trillion economy: Navigating the global challenges', Goyal said the country is entering free trade agreements (FTAs) with strong and advanced economies, stressing that these partnerships are complementary in nature.

“These agreements are crafted to create a win-win situation for all parties involved. We are not intimidated by competition. Developed countries often have higher production costs, whereas India enjoys a cost advantage. FTAs are built on the principle of mutual benefit—what they need, we can provide, and what we require, they can offer. That’s how these agreements complement each other,” he said.

He explained that manufacturing for a large domestic population enables businesses to benefit from economies of scale, allowing Indian manufacturers to produce high-quality goods at competitive prices.

This cost advantage, he said, strengthens India’s position as a global supplier and boosts export potential.

India will defend its markets, ensure fair play

“We are here to support you,” he assured industry stakeholders. “If you face issues of dumping, approach the Directorate General of Trade Remedies (DGTR)—we will protect you. If you encounter substandard imports, we will develop quality control benchmarks to ensure fair play.”

Goyal reiterated the government’s commitment to turning India into a truly global economy. “We need to build capacity, boost production, and turn our districts into growth hubs. Skilling our youth will be central to this journey—and public-private partnerships in skill development must extend to the grassroots,” he said.

Underscoring the government’s motto—Sabka Saath, Sabka Vikas, Sabka Prayas—he urged the business community to actively collaborate with global companies, explore new export markets, attract investors, and build meaningful international networks. “We will be there to support you every step of the way,” he said.

$5 trillion economy: A shared vision, but only a milestone

India is firmly on track to become a $5 trillion economy within the next three years and is poised to emerge as the world’s third-largest economy by 2027, Goyal said.

This vision is not just a government aspiration—it is shared by the business community, trade stakeholders, and the140 crore people of India. All are deeply aligned with the Prime Minister’s vision.

The $5 trillion economy is only the beginning—a milestone in our journey through the Amrit Kaal, the period leading up to India’s 100th year of Independence.

India, a beacon of stability amid global turbulence

Referring to the uncertain geo-political situation, Goyal said India continues to advance despite the turbulence and uncertainty the world is experiencing. “Great economies are not built in calm waters. History reminds us that explorers who braved stormy seas discovered new markets and laid the foundation for their nations' growth. India’s moment is now—we must seize it. This is our time, and we must move forward together. As Prime Miniter Modi said when 140 crore Indians each take a single step, the nation takes 140 crore steps forward.”

India, by and large, has been able to defend and assert its interests on the global stage, even when competing with other major economies.

Goyal said the government has aimed for quantum changes—transformational shifts that would deliver significant results. “We have worked on this background. Our approach has been one of inclusive, sustainable, and honest growth. We've focused on calibrated expansion driven by innovation, good governance, robust services, and a commitment to nation-building. It is on this foundation that we continue to build.”

Emergency: A grim reminder

Referring to the Emergency imposed by the Congress government in 1975, Piyush Goyal said inflation had soared to over 28% during that period, and the country lacked economic stability. “My own mother was put in jail,” he recalled.

In contrast, he noted, India today stands as an oasis of stability amid global economic uncertainties, drawing the attention of top economies and investors. “Two-thirds of the total FDI inflows have come in the last 11 years alone,” he said, underscoring India’s growing economic appeal.

Industry must innovate, explore new markets

Urging the business community to expand their horizons, Goyal called for a focus on developing new products, tapping into unexplored markets, and bringing in new exporters. “MSMEs and the startup ecosystem must work actively in that direction,” he said.

He cited encouraging examples—such as jamun from eastern India being exported to the UK, and coffee exports last year—as signs of India’s growing export capabilities. Emerging sectors like AI, machine learning, and 3D printing also hold immense potential. Goyal said the government is in discussions with NASSCOM on how to skill the workforce in AI in a way that also creates jobs.

Reflecting on the challenges faced during the COVID-19 pandemic, he said, “We went through a difficult time, but we were resilient. We learned new things and began manufacturing at home.” He called on businesses to move forward with courage and innovation.