‘This is India’s moment’: Piyush Goyal lays out trade vision amid global realignment

At a time when the global trade order is undergoing a major transition, Union Commerce and Industry Minister Piyush Goyal said on Friday that India is not merely adapting to change but is actively shaping it.

Speaking at the Business Today India @100 event, Goyal outlined the country’s evolving trade strategy, dismissed fears of deglobalisation, and issued a sharp rebuke to both domestic and international sceptics of the India growth story.

“This is India’s time,” Goyal said. “The world order is changing, and India is confidently stepping into a leadership role.”

Goyal said that India’s free trade agreements (FTAs) are now being designed to go beyond tariff reductions, incorporating concrete investment commitments, a first for the country.

“For the first time ever, we have negotiated an FTA that includes specific investment commitments, even without a Bilateral Investment Treaty,” he said, referring to the India-UK agreement, set to take effect from 1 October.

The deal includes a clawback clause for unmet commitments and opens new avenues in manufacturing, IT, financial services, and R&D.

Responding to criticism over provisions related to government procurement and alcohol imports, Goyal retorted:

“Trade is a two-way street. If someone believes India can demand open markets without offering anything in return, they are living in a cuckoo’s world.”

He further said that while Indian MSMEs will continue to enjoy protected status in domestic procurement, India has also secured access to the UK’s public procurement system—previously off-limits due to restrictive social value conditions.

Goyal said that negotiations with the UK have been completed, while talks with the European Union are in their final stages. Discussions with the United States are ongoing, though he did not divulge further details.

He also dismissed concerns over so-called deglobalisation amid rising US tariffs:

“There is no deglobalisation. What we are witnessing is a realignment—countries are recalibrating supply chains and trade flows. I am confident India’s exports will surpass last year’s.”

Goyal further emphasised the strength of India’s economic fundamentals:

“The world sees India as the fastest-growing large economy. We contribute 16% to global growth. Our inflation is low, our currency is stable, and our foreign exchange reserves are robust.”

Looking ahead, Goyal said India aims to secure multiple strategic trade agreements by 2030.

“Under Prime Minister Modi, India is negotiating from a position of strength. Whether it is with the UAE, Australia, EFTA, or the UK—every agreement is being scrutinised for its value to Indian businesses.”

Among the lesser-discussed wins in the India-UK FTA, Goyal highlighted a shift in social security rules for Indian professionals. “Earlier, 24–25% of their salaries went to the UK Treasury under social security—money they could never reclaim. Now, that amount will be credited to their Provident Fund accounts in India, where it will earn over 8% tax-free interest. It is a major win for Indian IT professionals.”

Goyal said that the world wants to partner with India—not just for our market, but for our talent, stability, and reliability. “We are not a weak player anymore. We are a $3.7 trillion economy—and we are only getting started.”