NOV 28: Union Minister of Commerce and Industry, Shri Piyush Goyal, addressed the 98th Annual General Meeting of FICCI in New Delhi, where he outlined India’s expanding trade engagements and its strategic vision for a self-reliant and innovation-led economy. He confirmed that India has concluded balanced trade agreements with Australia, the UAE, Mauritius, the UK and the EFTA bloc, and is currently negotiating with 14 additional partners representing nearly 50 nations, including the US, EU, GCC, Israel, Canada, South Africa and Mercosur.
Shri Goyal said that self-reliance has been deeply rooted in India’s civilisational thinking, drawing on references from the Bhagavad Gita and Mahatma Gandhi’s Swadeshi movement. Under the Atma Nirbhar Bharat vision, this principle continues to guide India’s long-term economic strategy.
Highlighting the EFTA trade pact, he noted the bloc’s commitment to invest USD 100 billion in India’s innovation and precision manufacturing sectors. He emphasised India’s cost advantages in research and technology development and urged Indian industries to adopt a more forward-looking and globally competitive mindset.
Shri Goyal underlined India’s growing strengths in technology, supported by a young population, strong STEM education and rising digital adoption. The recently announced USD 12 billion Research, Development and Innovation (RDI) fund, he said, will accelerate progress in AI, robotics, automation and deep-tech areas.
He stressed the need for extensive skilling to prepare youth for emerging opportunities, noting that India’s demographic advantage sets it apart from ageing economies. Shri Goyal also highlighted ongoing efforts to build resilient supply chains, strengthen domestic manufacturing through missions like semiconductors, and simplify governance through legal reforms.
The Minister called on FICCI to drive innovation, deepen R&D and support India’s goal of becoming a developed nation by 2047.
