Piyush Goyal Highlights Innovation-Led Growth & Expanding Trade Partnerships At FICCI AGM

New Delhi, Nov 28 (KNN) Commerce and Industry Minister Piyush Goyal highlighted India’s expanding trade engagements and innovation-led growth strategy while addressing the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi.

He referred to the recent European Free Trade Association (EFTA) agreement, under which the bloc has committed USD 100 billion in investments for innovation and precision manufacturing, noting that the move underscores India’s cost competitiveness in research and development. 

He added that the recently announced USD 12 billion Research, Development and Innovation (RDI) Fund, along with continued support for startups and deep-tech industries, will further accelerate the country’s innovation ecosystem.

Goyal said India has concluded balanced trade agreements with Australia, the UAE, Mauritius, the United Kingdom, and the four-nation EFTA bloc. 

Negotiations are also in progress with 14 other countries or groups representing nearly 50 nations, including the United States, the European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa, and the Mercosur bloc.

Highlighting India’s technological potential, the Minister cited the country’s young demographic profile, a large pool of STEM graduates, rising digital adoption, and widespread internet access as key enablers for emerging sectors such as applied artificial intelligence, robotics, automation, and deep-tech innovation.

He also emphasised the need to skill India’s youth to meet future technological demands. Unlike ageing developed economies, he said, India’s demographic advantage allows for faster adoption of emerging technologies, positioning the country for a leading role in the global technology landscape.

Addressing broader geopolitical and economic developments, Goyal stressed the importance of trusted partners and resilient supply chains. 

India’s expanding network of free trade agreements and economic partnerships, he noted, is aimed at fostering long-term cooperation based on fairness, transparency, and mutual benefit.

(KNN Bureau)