Commerce and Industry Minister Piyush Goyal announced India’s ambitious plan to operationalise nine free trade agreements within the next 10 months, positioning the nation as a premier global manufacturing and investment hub.
Illustration: Dominic Xavier/Rediff
Key Points
- India expects to operationalise nine free trade agreements (FTAs) within the next 10 months, covering 38 developed economies.
- The government plans to execute an additional three to four significant FTAs over the next year, with some coming into force within six months.
- Piyush Goyal highlighted India’s emergence as the world’s most credible alternative manufacturing destination and a trusted investment partner.
- India is projected to remain the world’s fastest-growing economy for over two decades, driven by demographic advantage, domestic market, and technology.
- The government has launched a $3.5 billion programme to develop 100 industrial parks, offering factory-ready infrastructure and regulatory reforms.
India expects the nine free trade agreements (FTAs) signed over the past three years to become operational within 10 months, with plans to execute another three to four significant pacts over the next year, Commerce and Industry Minister Piyush Goyal said on Thursday.
His statement underscores the government’s intent to make the country a manufacturing and investment hub and deepen integration with global markets.
Accelerating FTA Implementation
At least two to three “very substantive” FTAs will come into force in the next six months following the implementation of the Oman FTA on June 1, Goyal said at the Citi 2026 India Conference in Mumbai.
The nine agreements signed in recent years cover 38 developed economies that “do not compete with India, but in fact complement the India growth story”.
India as a Global Manufacturing Hub
Addressing global investors, Goyal said India has become the world’s most credible alternative manufacturing destination as multinational corporations reassess global supply chains.
“My discussions with roughly 50 [international] companies who joined me at a roundtable clearly give me a picture that the world is looking at India as the only credible alternative as a manufacturing hub, as a trusted partner, as an investment destination which is safe.”
Goyal said investor sentiment during his recent visits to Canada and the United States reflected growing confidence in India’s long-term growth prospects.
“The world’s long-term capital is looking at India and the opportunities that India presents.”
Long-Term Economic Outlook
“I have no hesitation in assuring all the friends at the India conference that India will continue to be the world’s fastest-growing economy for over two decades into the future,” he said.
Goyal highlighted India’s demographic advantage, expanding domestic market and technology capabilities as key factors attracting global investment.
Industrial Infrastructure and Reforms
Goyal said the government had recently unveiled a programme with an outlay of $3.5 billion to develop 100 industrial parks.
The parks will provide ready-to-use industrial infrastructure, including land, utilities, worker housing, environmental clearances and digital connectivity.
“We can offer factory-ready infrastructure,” he said, adding that the government’s role was increasingly that of a facilitator rather than a regulator. A series of regulatory reforms had improved the ease of doing business. The implementation of the four Labour Codes consolidated 29 laws into a simplified framework.
Energy Security and Infrastructure Spending
India has ensured its energy security and successfully navigated recent geopolitical disruptions by diversifying supply sources and ensuring uninterrupted fuel availability and stable prices amid the turbulence in West Asia.
The minister said infrastructure spending remained a pillar of the government’s economic strategy, with investments of nearly $130 billion being channelled into highways, ports, airports and rural connectivity projects.
