India’s FTA Strategy: Although the Free Trade Agreement (FTA) with the US is yet to be finalised, India has already concluded nine FTAs. Under these nine FTAs, India has signed agreements with 38 countries. Union Commerce Minister Piyush Goyal said India has signed nine free trade agreements so far, involving 38 countries. This gives India’s shipments preferential access to nearly two-thirds of global markets.
Goyal said these agreements will help Indian goods, services, agricultural and fishery products and labour-intensive sectors reach new markets, integrate into global value chains and increase talent flow. He said that every country wants to have a trade agreement with India. “I have discussed with Chile, which is looking to finalize an FTA this week. We are opening FTA negotiations with Canada and hope to move forward on this when the Prime Minister (Mark Carney) visits.” India is already preparing to finalize terms of reference with Canada and start FTA negotiations.
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Goyal said that India’s youth and human resources are at the heart of the country’s development story and the world is impressed by it. Addressing concerns about artificial intelligence and employment, Goyal said AI will not eliminate jobs but replace them. He pointed out that India produces approximately 2.3 million STEM (Science, Technology, Engineering and Mathematics) graduates every year and has a unique pool of young, adaptable and ambitious talent.
Comparing it to the Y2K era, he described AI as the next big transformation, which will bring more opportunities, high-value work, stronger exports and deeper global integration for Indian businesses. Demand for skilled professionals in areas such as cyber security, data protection and system governance will also increase. Emphasizing that self-reliance does not mean isolation, Goyal said Self-reliant India aims to build strong, reliable and diversified supply chains through global partnerships.
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He urged entrepreneurs and industry leaders to extend global opportunities to MSMEs, farmers, exporters and fishermen across the country. He expressed the belief that young India will lead the country towards becoming a developed economy by 2047 during Amrit Kaal. Banker Uday Kotak said regulatory costs like CRR are too high. We must ensure that US and Chinese investment does not lead to colonization.
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