Policy reforms, digital innovations make India a reliable global partner: Piyush Goyal

New Delhi, Dec 20 Commerce and Industry Minister Piyush Goyal on Saturday said that with policy reforms, new Labour Codes, digital innovations and robust exports, India has become a reliable global partner.

Addressing the ‘World Hindu Economic Forum 2025,’ on the topic ‘Establishing Brand Bharat: Competitiveness in Global Trade,’ Goyal said the reformatory approach of the government under Prime Minister Narendra Modi has formed the foundation of the journey towards a ‘developed India’ (Viksit Bharat).

“Vasudhaiva Kutumbakam is India's civilisational consciousness, which Prime Minister PM Modi has made the guiding principle of global leadership,” Goyal told the gathering.

He further stated that India's progress is not just a story of economic growth, but of transformation in values and mindset.

“With policy reforms, labour codes, digital innovations, and increasing exports, India has today become a reliable global partner, which forms the foundation of our journey towards a developed India,” Goyal posted on X social media platform.

The minister said that driven by diversification, innovation, and strategic trade reforms, India continues to strengthen its exports despite the uncertainties in global markets.

This growth reflects India’s resilience, with high-value commodities, widening global partnerships, and policy reforms supporting a more balanced and globally integrated trade trajectory amid global headwinds triggered by the US tariff turmoil.

India has inked a series of major Free Trade Agreements (FTAs), the most recent being the Comprehensive Economic Partnership Agreement (CEPA) with Oman, while active negotiations are also ongoing with several other countries.

This is expected to lead to further export diversification, which, in turn, would strengthen trade stability, competitiveness, and long-term economic security amid global uncertainties.

India’s exports have jumped by a robust 15.52 per cent to $73.99 billion in November this year from $64.05 billion in November 2024. Consequently, the country’s trade deficit narrowed by over 61 per cent from $17.06 billion to $6.64 billion, according to official figures compiled by the Commerce Ministry.

The increase in exports was seen across key merchandise and services sectors, alongside steady demand from major partner countries. This performance underscores the resilience of India’s export sector amid evolving global trade conditions.

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