Mumbai, June 4: Commerce and Industry Minister Piyush Goyal announced on Thursday that India is open to trade partnerships. Following the implementation of the Free Trade Agreement (FTA) with Oman on June 1, two to three more agreements are expected to be enacted in the next six months.
During the ‘City India Conference 2026’ in the country’s financial capital, Goyal stated, “In the coming year, we anticipate signing three to four more significant FTAs, with all nine agreements currently in the pipeline expected to take effect within the next 9-10 months.”
He further emphasized that despite recent crises in West Asia and risks surrounding the Hormuz Strait, the government has ensured uninterrupted fuel supply and successfully controlled inflation.
Goyal noted that India has already begun diversifying its energy sources, which has helped mitigate supply disruptions during crises. He assured that the government has secured a steady availability of petrol, diesel, aviation turbine fuel, LNG for factories, and LPG for domestic consumers. He highlighted that, despite rising global inflation and energy risks, fuel price increases have been kept in check.
Additionally, the minister mentioned that the government is providing fertilizers to farmers at unchanged prices, thereby reducing the impact of global price hikes during crises.
Goyal asserted that India is being viewed as a reliable option for manufacturing and investment. He predicted that India will remain the world’s fastest-growing economy for the next two decades.
Moreover, Goyal stated that India is moving beyond assembly and imported technologies to become a hub of innovation. He pointed out that the country is focusing on design, research and development, new technologies, and applications of AI. Furthermore, India is promoting clean energy to support data centers and other emerging technology sectors.
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