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| Union Minister of Commerce and Industry Piyush Goyal(ANI Video Grab) |
In an exclusive interview with Hindustan Times, conducted just three days after India and the European Union concluded negotiations for a landmark free trade agreement (FTA), Goyal outlined a fundamental transformation in India's trade strategy—shifting from past protectionist approaches to confident engagement aimed at building a $30 trillion economy by 2047.
Path to Closure with US
"I don't think there are any sticky issues left to be resolved. We can now look at moving towards closure," Goyal said regarding the India-US trade negotiations. However, he emphasized that India never pursues trade deals with artificial deadlines. "When both sides are satisfied, the date will be announced," he added.
The minister characterized the ongoing negotiations as "positive" and confirmed active engagement between both nations. Despite tariffs imposed by the US in August 2025, India's overall exports have maintained positive growth, which Goyal attributed to exporters exploring new markets and products beyond their traditional comfort zones.
Strategic Shift in Trade Policy
Goyal described a paradigm shift in how India approaches international trade negotiations, crediting Prime Minister Narendra Modi for the new strategic vision.
"One of the biggest differences between the past and today is that India is a respected country," Goyal said. "People see political stability, macroeconomic stability, and decisive leadership."
The minister revealed that India now negotiates from a position of strength, focusing on the country's future potential rather than current economic metrics. "Today's $4 trillion economy of India is not material. Our $30 trillion economy in 2047 is what you are negotiating," he explained.
EU Deal: Lessons and Opportunities
Reflecting on the recently concluded EU-India FTA negotiations, Goyal expressed regret over past missed opportunities. "I wish we had done this FTA 20 years ago. How much opportunity we've lost, I can't tell you. How many millions of jobs we have lost?"
The minister dismissed previous concerns that had stalled negotiations, such as the wine sector. "There are only 6,000 grape farmers who make wine grapes. The total production is hardly ₹1,000 crore," he noted, contrasting this with substantial gains achieved in other sectors.
On labour-intensive exports, Goyal highlighted immediate benefits: "Out of the labour-intensive exports of $35 billion, $33.5 billion became zero duty on the first day." He projected that textile exports alone could reach $40-50 billion, up from the current $7 billion.
Pragmatic Approach to Sensitive Sectors
Regarding automobiles, Goyal explained how India protected its domestic market while opening other sectors. He noted that 90% of India's automobile market operates below ₹20 lakh, a price point European manufacturers cannot compete in due to production costs.
"They can't make a car below €15,000. Forget selling—they can't make it," he said, highlighting the natural protection India's market structure provides.
Future Agenda
Looking ahead, Goyal outlined priorities including promoting manufacturing and services, supporting innovation and R&D, developing startups across technology, agriculture, and biotech sectors, and continuing international engagement with aligned partners in the developed world.
"For a developed India, engagement with the developed world is not optional. You cannot live in isolation," the minister emphasized.
On Canada, where newly appointed Prime Minister Mark Carney is expected to visit in March, Goyal confirmed negotiations would need to restart from scratch, though both sides are keen to accelerate the process.
The minister concluded by stressing that export-driven growth remains vital to India's development trajectory. "No country in the world has become a developed country without international engagement," he said.
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