Gandhinagar, May 17 Union Commerce and Industry Minister Piyush Goyal on Sunday said that India’s recent free trade agreements with developed economies had given the country preferred access to markets accounting for nearly 70 per cent of global GDP.
Addressing the inauguration of the Innovation and Incubation Centre at the National Institute of Design (NID) in Ahmedabad, Goyal said the agreements reflected the long-term economic strategy of Prime Minister Narendra Modi and would support India’s ambitions in manufacturing, exports, design and innovation.
“Prime Minister Modi has finalised free trade agreements with 38 countries, covering almost 70 per cent of global GDP,” the minister said.
He added that India had signed agreements with “strong and developed economies” rather than countries directly competing with India.
According to Goyal, the agreements covered nearly two-thirds of global trade and would help Indian companies expand internationally.
“This will become our strength if we improve product design, packaging, branding and innovative products with an outward-looking approach aimed at capturing global markets, not just India,” he said.
The minister linked the agreements to India’s broader economic transformation through programmes such as 'Make in India, Startup India and Digital India'.
He emphasised that Prime Minister Modi had launched these initiatives soon after taking office in 2014 and had also overseen the integration of regional electricity grids into a single national grid.
“If we want to attract data centres — and estimates suggest India can attract investments worth lakhs of crores — it is because we have infrastructure, low-cost high-quality data and digital connectivity, talented youth and trust,” Goyal said.
He added that India’s low-cost internet access and expanding digital infrastructure had made the country a major global destination for innovation and technology investment.
“The world trusts India because India’s DNA is honest and innovation here will not be stolen,” he said.
Goyal said around 1,700 to 1,800 globally known companies were already operating innovation and design centres in India.
He said global companies were increasingly bringing Global Capability Centres to India because of the country’s skilled workforce, digital infrastructure and investor confidence.
"India had become the world’s fastest-growing major economy and developed the third-largest startup ecosystem globally. India had a rapid 5G rollout and affordable data services," he said.
According to Goyal, India’s future competitiveness would depend on productivity, sustainable manufacturing, high-quality products and speed in innovation.
The minister urged students and startups to think globally and focus on emerging sectors such as semiconductors, artificial intelligence, quantum computing, machine learning and deep technology.
"Incubation centres should help students and entrepreneurs move beyond ideas and convert innovation into commercially viable products for international markets," he added.
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