India Gains Access to 76% of Global GDP Through Free Trade Agreements, Says Piyush Goyal

New Delhi, October 30 (Daily Kiran) : India’s Commerce and Industry Minister, Piyush Goyal, announced that the country’s free trade agreements (FTAs) now provide preferential market access to approximately 76% of the global economy, valued at around $115 trillion. He highlighted that India is currently negotiating eight additional bilateral and multilateral trade agreements, which could extend access to an extra $15 trillion in global markets.

Speaking at the curtain raiser event of the Invest Telangana Global Summit in New Delhi, Goyal congratulated A. Revanth Reddy, emphasizing that Telangana’s goal of becoming a $3 trillion economy by 2047 is achievable through collective efforts. He stressed the importance of collaboration among the central government, state authorities, industry leaders, investors, and citizens to realize this ambition.

Goyal noted that India’s existing trade agreements have granted the nation preferential access to markets with a combined GDP of $70 trillion. Out of this, about $10 trillion comes from older agreements, while nine new trade deals signed in recent years have contributed an additional $60 trillion in market access.

Despite global challenges, the International Monetary Fund (IMF) has projected a mere 1.9% growth rate for international trade. In contrast, India has set an ambitious target of $1 trillion in exports for the current year, aiming for a 15% growth. This goal reflects the confidence of Indian exporters, industry associations, and the business community.

Goyal highlighted India’s transformation over the past decade, stating that the country, once labeled among the “Fragile Five,” is now the world’s fifth-largest and fastest-growing major economy. He reported that the growth rate was 7.7% last year, with a projected 7.8% for the first quarter of the current fiscal year. He expressed optimism that economic growth would remain above 7% in the upcoming September quarter.

Referencing Telangana’s historical significance in trade, Goyal recalled the maritime trade charter issued by Kakatiya ruler Ganapati Deva in 1244. He pointed out that the importance of stability and policy clarity in trade remains relevant today, as investors seek similar consistency and trust.

Welcoming Telangana’s target to grow its economy from approximately $200 billion to $3 trillion by 2047, Goyal affirmed that this ambitious goal is entirely feasible, contingent upon the collaboration of all stakeholders. He underscored the need for participation from farmers, fishermen, technical experts, scientists, startups, women entrepreneurs, and government officials.

Goyal also noted that Telangana could significantly contribute to India’s development goals through sectors such as pharmaceuticals, aerospace and defense, value-added agriculture, food processing, research and development, innovation, and services. He highlighted the state’s potential in global capability centers (GCC), design and innovation, artificial intelligence, and quantum computing.

He emphasized the importance of promoting Telangana’s GI-tagged products, such as Tandoor Arhar Dal, Chaatpata Mirch, and Nizamabad Haldi, in international markets. By enhancing traceability, packaging, and branding, farmers can achieve premium prices for their products, thus strengthening the state’s agricultural economy.