Gandhinagar, May 17: Union Commerce and Industry Minister Piyush Goyal announced on Sunday that India’s recent Free Trade Agreements (FTAs) with developed economies have granted the country preferential access to markets responsible for nearly 70% of the global GDP.
Speaking at the inauguration of the Innovation and Incubation Center at the National Institute of Design (NID) in Gandhinagar, Goyal emphasized that these agreements reflect Prime Minister Narendra Modi’s long-term economic strategy. He stated that they will support India’s ambitions in manufacturing, exports, design, and innovation.
“Under Prime Minister Modi’s leadership, India has signed FTAs with 38 countries, covering approximately 70% of the global GDP,” Goyal noted. He further explained that these agreements have been made with “strong and developed economies” rather than directly competing nations.
According to Goyal, these agreements encompass about two-thirds of global trade and will assist Indian companies in expanding internationally. He remarked, “By improving product design, packaging, branding, and innovative products, we aim to capture not just Indian markets but global markets as well.”
The minister highlighted that affordable internet and growing digital infrastructure in India have positioned the country as a major global destination for innovation and technology investment. “The world trusts India because our core nature is honesty, and our innovations cannot be stolen,” he added.
Goyal mentioned that around 1,700 to 1,800 globally renowned companies are already operating innovation and design centers in India. He noted that due to a skilled workforce, digital infrastructure, and investor confidence, global companies are increasingly establishing Global Capability Centers in India.
“India has become the fastest-growing major economy and has developed the third-largest startup ecosystem globally. The rapid expansion of 5G and affordable data services are also noteworthy,” Goyal stated.
He emphasized that India’s future competitiveness will depend on productivity, sustainable manufacturing, high-quality products, and the pace of innovation. The minister urged students and startups to think globally and focus on emerging fields such as semiconductors, artificial intelligence, quantum computing, machine learning, and deep technology.
“Incubation centers should assist students and entrepreneurs in transforming ideas into commercially viable products for international markets,” he concluded.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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