Goyal Highlights Role of FTAs In Expanding Trade, Technology & Investment Links

New Delhi, Jun 12 (KNN) Union Commerce and Industry Minister Piyush Goyal said India’s Free Trade Agreements (FTAs) with developed economies are aimed at supporting long-term economic growth through increased trade, investment, innovation, quality improvement and job creation.

Addressing the 5th Annual Meeting of India Global Innovation Connect in New Delhi, Goyal said India has signed nine FTAs covering 38 countries over the last three to three-and-a-half years, providing access to new markets, facilitating technology collaboration and creating opportunities for investment and employment generation.

The Minister highlighted India’s demographic advantage, noting that the country continues to benefit from a young workforce with an average age below 30 years. He said partnerships with developed economies help combine India’s talent pool, competitive costs and large consumer market with global capital, technology and expertise.

Goyal said policy reforms aimed at simplifying taxation, reducing compliance burdens and improving the ease of doing business have helped create a more predictable investment environment.

Highlighting infrastructure development, he said India now operates a unified national power grid with a capacity of over 500 GW. He added that more than 50 per cent of the country's installed electricity capacity comes from renewable energy sources.

The Minister said the expansion of renewable energy and a stable power network have strengthened India's attractiveness as a destination for data centres. He also pointed to India's low data costs, affordable infrastructure and skilled workforce as key competitive advantages.

On innovation, Goyal said the government has operationalised a research and development innovation fund of about Rs 1 lakh crore and approved the first set of projects under the initiative.

He also highlighted ongoing efforts to strengthen the intellectual property ecosystem and support innovation-led investments, while noting the growing role of India's startup ecosystem in driving research and technological development.

Goyal said India continues to welcome domestic and foreign companies that invest, manufacture and generate employment in the country, while offering a level playing field for businesses serving both domestic and international markets.

(KNN Bureau)