India Prioritizes Equity and Fair Trade in FTAs: Piyush Goyal at 27th CITIC CLSA India Forum

Shri Goyal highlighted the government’s achievements in fulfilling citizens’ basic needs over the past decade, empowering them to aspire for greater opportunities.

Delivering the keynote speech at the 27th CITIC CLSA India Forum in Mumbai, Union Minister of Commerce and Industry, Shri Piyush Goyal, emphasized India’s commitment to equity, balance, and fair trade in negotiating Free Trade Agreements (FTAs). He outlined that India partners only with nations that uphold transparency, openness, and economic systems aligned with India’s strategic goals.

India’s Aspirational Growth Trajectory

Shri Goyal highlighted the government’s achievements in fulfilling citizens’ basic needs over the past decade, empowering them to aspire for greater opportunities. He credited the country's success to leveraging its "4D Advantage":

Democracy

Demographic Dividend

Demand

Decisive Leadership under Prime Minister Shri Narendra Modi

He urged investors at the forum to capitalize on India’s economic potential, positioning the nation as the “best business destination” for global investors. Goyal underlined India’s aspiration to transform into a Viksit Bharat (Developed India) by 2047, which presents an unparalleled delta of opportunities across industries.

Skill Development and Youth Empowerment

Responding to queries on skill development, Shri Goyal highlighted the government’s $30 billion allocation in the Union Budget 2024 to launch five schemes aimed at enhancing youth skills. These initiatives reflect the government’s focus on allowing young Indians to tailor their formal education and pursue vocations that align with their passions.

He also stressed the importance of corporate CSR spending in skill development to bridge talent gaps, ensuring a skilled workforce for the future. Shri Goyal remarked, "The emphasis on empowering youth is not just an economic strategy but a social transformation, laying the groundwork for a robust and skilled India."

India’s Strategic Approach to FTAs

The Minister reiterated India’s pragmatic approach to FTAs, avoiding deals that compromise the nation’s interests. He said, “India enters into trade agreements only with countries that share our vision of openness, accountability, and fairness in economic practices.”This strategy is designed to foster sustainable trade relationships that create value for all stakeholders, protect domestic industries, and encourage innovation.

Encouraging Global Investment

Urging global investors to seize opportunities, Shri Goyal outlined India’s resilience and strong macroeconomic indicators. The nation’s robust start-up ecosystem, rapid infrastructure development, and a reform-oriented governance model make it an ideal destination for investments across sectors.

Key Highlights of Shri Goyal’s Address

India’s efforts in poverty alleviation and ensuring access to basic amenities have fueled aspirations across socio-economic strata.

Skill development schemes aim to modernize education and vocational training, equipping India’s youth with future-ready capabilities.

FTAs reflect India’s focus on balanced and transparent partnerships, supporting both domestic growth and global economic stability.

Vision for Viksit Bharat

Shri Goyal concluded by reaffirming the government’s dedication to building a self-reliant, inclusive, and prosperous India by 2047. He invited stakeholders to collaborate in achieving this vision, calling India the “land of opportunities” where businesses and innovation can thrive in harmony with the nation’s economic and social objectives.