Goyal backs global trade push for $30 trillion economy

India must deepen its engagement with global markets and strengthen international partnerships to achieve its ambition of becoming a $30 trillion economy by 2047, Union Commerce and Industry Minister Piyush Goyal said on Thursday.Speaking at the closing session of the 5th Annual Meeting of the India Global Innovation Connect, Goyal said India's growth aspirations are closely linked to greater international collaboration and trade integration rather than economic competition with developed nations."We have a very clear roadmap and a stated goal to make India a developed country by 2047. At that point in time, I would think the Indian economy should be anywhere in the ballpark of about $30 trillion. This will not be possible unless we expand our international engagement," the minister said.Goyal argued that many developed economies present significant opportunities for collaboration with India, particularly as they grapple with ageing populations and growing demand for skilled talent."They have ageing populations and therefore need young talent and skills, which India has in abundance," he said.

#WATCH | Delhi: At the closing session of the 5th Annual Meeting of the India Global Innovation Connect, Union Minister of Commerce & Industry Piyush Goyal says, "Switzerland amd India share a very special relationship and having entered into the free trade agreement with the… pic.twitter.com/UndV1TlrPy

— ANI (@ANI) June 11, 2026

The minister noted that rising research, development and production costs in advanced economies have created conditions for mutually beneficial partnerships with India. According to him, countries across Europe, North America, the Gulf region, Australia, New Zealand and Israel complement India's economic strengths rather than compete with them."Cost of production and cost of research and development in these developed economies are becoming prohibitively high. Therefore, a partnership between India and such developed countries complements each other rather than competes with them," he said.Highlighting the government's efforts to strengthen trade ties, Goyal said India has signed nine free trade agreements over the past three to three-and-a-half years, covering 38 countries. He noted that many of these partner nations are significantly wealthier and offer opportunities for deeper economic cooperation.
The minister said the agreements provide partner countries access to India's expanding consumer market while enabling greater inflows of investment and capital into the domestic economy."These countries have significant pools of capital which they want to deploy, and India is a perfect opportunity," he said.Goyal also stressed the importance of creating an ecosystem that supports innovation, emerging technologies and adherence to global quality standards. He said strengthening competitiveness and technological capabilities will be essential as India seeks to expand its role in global value chains.
During his visit, the minister interacted with Claude Smadja, Chairman of Smadja & Smadja, and discussed the government's initiatives to improve infrastructure, simplify business regulations and enhance India's position in global supply chains.In a post on X following the meeting, Goyal highlighted the Modi government's efforts to promote innovation-led growth through infrastructure development, ease-of-doing-business reforms and manufacturing expansion.He said initiatives such as Make in India, a growing manufacturing ecosystem and business-friendly policy reforms are helping position India as an attractive destination for global investment.

Had an engaging interaction with Mr. Claude Smadja, Chairman of Smadja & Smadja, at the India Global Innovation Connect 2026.

Highlighted the Modi Government's dedicated efforts to boost infrastructure development, strengthen India's position in global supply chains & enhance… pic.twitter.com/X0uF0ytDbK

— Piyush Goyal (@PiyushGoyal) June 11, 2026

Emphasising the scale of opportunities available in the country, Goyal said India is increasingly emerging as a preferred investment destination for international businesses seeking growth, market access and long-term partnerships.The minister expressed confidence that stronger trade linkages, increased investment flows and deeper collaboration with global partners would play a critical role in helping India achieve its long-term development goals and realise its vision of becoming a developed nation by 2047.

(Business Correspondent)