India's trade push spans close to 50 countries, Goyal says

He said this while addressing the 98^th annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi.

Goyal said that the idea of self-reliance is central in India’s civilisational ethos. Self-reliance has historically guided India’s progress and continues to remain central to the country’s economic strategy. He added that this vision has been strengthened through the focus on Atma Nirbhar Bharat under the leadership of Prime Minister Narendra Modi.

Referring to the recent EFTA agreement, Goyal noted that the bloc has committed to invest $100 billion in India across innovation and precision manufacturing. He highlighted India’s cost competitiveness in research and innovation, stating that high-quality innovation undertaken in India can be achieved at a fraction of the cost compared to Europe or the United States. He emphasised the need for Indian industry to move beyond legacy mindset and adopt a forward-looking and globally competitive approach.

Goyal highlighted India’s strengths in innovation and technology, supported by a young demographic, increasing digital adoption and a growing talent pool. He emphasised the importance of strengthening skilling to prepare India’s youth for future opportunities. He said that unlike many developed economies facing ageing populations, India’s youthful demographic is quick to adapt to emerging technologies and has already demonstrated high engagement with digital platforms, the Ministry of Commerce and Industry said in a press release.

Highlighting broader global developments, he said that recent geopolitical and economic challenges have underscored the need for trusted partners and resilient supply chains. He stated that India’s expanding network of FTAs and economic partnerships is aimed at building long-term cooperation anchored in fairness, transparency and mutual benefit.

Goyal outlined India’s strengths using the PESTLE framework, noting that Prime Minister Modi has consistently advanced a vision of self-reliance across sectors. Politically, a stable, predictable government committed to ‘minimum government, maximum governance’ has strengthened investor confidence. Economically, initiatives such as the National Manufacturing Mission and the ₹25,000 crore Export Promotion Mission are supporting India’s rise toward becoming the world’s third-largest economy.

On the social front, he highlighted that the four Labour Codes ensure better wages and protections, while the Antyodaya approach has helped fulfill basic needs. Legally, he pointed to ongoing reforms such as progress toward Jan Vishwas 3.0 to enhance ease of doing business, and noted that the Atomic Energy Bill 2025 marks a historic shift by opening up the nuclear sector to strengthen India’s energy sovereignty.

ALCHEMPro News Desk (RR)