New Delhi, July 29 (IANS) India’s recent Free Trade Agreements (FTAs) with major economies are opening access to markets worth nearly $60 trillion and supporting the country’s push to become a global export hub, Union Commerce and Industry Minister Piyush Goyal said on Wednesday, crediting Prime Minister Narendra Modi’s leadership for the trade expansion strategy.
A video shared by the minister on social media platform X highlighted that the FTAs negotiated under PM Modi’s leadership were aimed at expanding market opportunities for Indian exporters, boosting manufacturing and creating jobs.
“Here’s why India is signing multiple Free Trade Agreements with major economies,” Goyal said in the post, adding that the agreements were providing access to some of the world’s largest markets.
India’s exports have grown by 73 per cent over the last five years, with FTAs helping sectors such as textiles, gems and jewellery, engineering goods and pharmaceuticals gain access through lower or zero-duty benefits, the video showed.
It further noted that the trade agreements also safeguard sensitive sectors, including dairy and agriculture, while creating opportunities for investment inflows.
Moreover, these FTAs are also bringing billions of dollars in investment, boosting manufacturing, creating jobs, and helping Indian businesses enter global value chains.
India has been actively pursuing trade agreements with key economies to enhance market access for domestic exporters and integrate Indian businesses with global supply chains.
The government has been highlighting FTAs as a key component of its strategy to strengthen exports, attract foreign investment and expand India’s manufacturing capabilities.
The agreements reflect the government’s vision of positioning India as a major player in global trade and transforming the country into an export-driven economy, Goyal said.
Additionally, the government informed Parliament on Tuesday that India recorded its highest-ever exports at $863.1 billion in FY2025-26.
Merchandise exports stood at $441.8 billion, while services exports expanded further to $421.3 billion during the fiscal, reflecting the combined strength of India’s goods and services sectors in driving overall export growth. The data was shared by Minister of State for Commerce and Industry Jitin Prasada in the Lok Sabha.
–IANS
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