MUMBAI: Union minister of commerce and industry Piyush Goyal on Tuesday declared that India would become the third-largest economy in the world by 2027-28, and would add around $26 trillion to its economy by 2047. He said the nine free trade agreements (FTAs) the country had inked since 2022 were done from a position of strength, and specifically to ensure employment and secure the interests of fisherfolk, farmers, Micro and Small Medium Enterprises (MSME).
Goyal said that the scale of growth in India was unparallelled in history and unlikely to be replicated anywhere in the world in future. “Today, India does not appear as a meek country, and we are not apologetic about some of the problems that we have,” he said. “We are negotiating for the future. The trade agreements are long-term investments in India’s growth trajectory for the next several decades, and while doing so, national sensitivities remain paramount.”
As an example, the minister said that the government had not opened dairy farming to any country, including Australia and New Zealand. “These countries do not agree to FTAs without these sectors being an integral part but are doing it in India,” he said. “This can happen when you are sincere and honest and you are able to logically show your position and demonstrate your strength with full sincerity.”
Goyal said that while safeguarding the growth of MSMEs, protecting fishermen, and preserving jobs in India, they had, at the same time, secured market access in textiles, footwear and leather, besides expanding pharmaceutical exports, enhancing opportunities for farm and marine product exports and attracting technology and investment.
Such growth, he said, could not occur in isolation. “Gone are the days when one could live in economic isolation,” he said. “Today, you have to engage with the rest of the world by expanding international trading arrangements and securing markets. Economic diplomacy today is rooted in expanding trade, securing investments and creating global opportunities for Indian youth and capital.”
While stating that of the nine FTAs signed in the last four years, some had been under negotiation for nearly two decades, Goyal said that India was set to witness unprecedented expansion in the coming decades. Highlighting the government’s development agenda, he credited PM Narendra Modi with focusing on “inclusivity and quality of life”.
“Sixty-seven years after Independence, prime ministers and governments came and went, but no one thought of providing toilets in rural areas,” he claimed. “Prime Minister Modi thought about it and focused on inclusivity, giving everybody a better quality of life and ease of living.”
Goyal also cited the rapid expansion of digital and physical infrastructure, noting that 5G connectivity had been taken to the remotest parts of the country and that India now had the world’s second-largest transmission network with a capacity of 500 GW.
“With our FTAs with the US and the European Union, we expect a flood of capital to come to India, as India has been the place with the finest returns unparalleled in any other country in the world,” he said.