More Stories

Informist, Thursday, Jun. 11, 2026

 

NEW DELHI – India's strategy of entering into free trade agreements with developed economies will help the country meet its goal of becoming a developed economy by 2047, Commerce Minister Piyush Goyal said Thursday. This strategy will support India's long-term growth ambitions by attracting investments, promoting innovation, creating jobs, and increasing the country's participation in international trade, he said.

 

The size of the Indian economy should be around $30 trillion by 2047, which will not be possible unless India expands its international engagement and opens up to greater competition, Goyal said at the fifth annual meeting of India Global Innovation Connect in New Delhi.

 

In the recent past, India has signed trade agreements with the European Union and the UK and is working on a deal with the US. Goyal said developed countries have ageing economies and high costs of production. A partnership between India and such developed countries can help both sides, he said. 

 

India aspires to "stand on its own feet" as an attractive investment destination irrespective of the "China + 1" strategy of global companies, Goyal said. Today, India offers a "compulsive case" to be part of global supply chains, he said.

 

Goyal acknowledged that India needs to invest "more deeply" in innovation and the government has been encouraging the private sector to look more into spending on innovation. "We are trying to encourage the private sector to look at innovation because without that it will not be possible for us to come into the comity of nations who really have developed very fast into prosperous nations," Goyal said. "This is an area which has the attention of the government at all levels."

 

Goyal said operationalisation of the government's research and development innovation fund of approximately INR 1 trillion has recently begun and the first set of 12-13 projects has been approved. He noted that successful innovation ecosystems in countries such as the US, Switzerland, and Israel evolved over many years and expressed the confidence that India would witness significant progress in this area over time.  End

 

Reported by Shubham Rana

Edited by Rajeev Pai

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.