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Informist, Thursday, Jun. 4, 2026

 

MUMBAI – Indian companies are adopting new and modern technology such as artificial intelligence and quantum computing at scale, enabling an increase in productivity, Commerce and Industry Minister Piyush Goyal said on Thursday. With the economy remaining resilient and technology developing, India is an inviting destination for manufacturing and investment for foreign investors, he said.

 

In recent conversations, foreign investors have pointed to India's technical gains and note it as the only credible alternative manufacturing hub with its infrastructure and intellectual property protections, Goyal said at the Citi Indian Conference 2026. India's fiscal strength over the last few years has allowed the government to cushion the impact of the West Asia war and ensuing energy crisis. The country has used every crisis as an opportunity and plans to do so with respect to the latest crisis as well, diversifying its supply chains of crude oil and other commodities, the minister said.

 

Net foreign direct investment into the country has remained sluggish over the last two financial years – less than $1 billion in 2024-25 (Apr-Mar), before growing to $7.7 billion in FY26. At the conference, Goyal also highlighted India's improved infrastructure and the government's willingness to work with investors to enable easier access to India's economy.

 

Goyal was in Canada last week with an Indian delegation to discuss a free trade agreement, where long-term investors appreciated the opportunities India presents to put in capital, he said. The nine free trade agreements the government has signed since 2023 will be operationalised within the next two to three years, with a few significant agreements likely to come into force in the next six months, the minister said.

 

India and Oman operationalised their free trade agreement on Jun. 1 and the India-UK trade agreement is expected to become operational this month as well. The country will also continue to sign more trade deals with developed economies in the next year, where the goods and services trade can complement each other, the commerce minister said.  End

 

US$1 = INR 95.75

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Aaryan Khanna and Anand J.C.

Edited by Avishek Dutta

 

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