All nine recent FTAs set to be operationalized within 10 months, says Goyal
India expects the nine FTAs signed over the past three years to be operational within 9-10 months. Minister Goyal says these agreements complement India's growth strategy by expanding market access, facilitating trade an industry, enabling movement of talent and attracting investments.
New Delhi: India expects all the nine free trade agreements (FTA) signed over the past three years to become operational within the next 9-10 months, commerce minister Piyush Goyal said on Thursday, signalling an accelerated push to expand export markets, attract investment and deeply integrate the country into global supply chains.
Addressing the Citi India Conference 2026 virtually, the minister said India had signed nine FTAs over the last three to three-and-a-half years. These are the trade pacts with the UAE, Australia, Mauritius, Oman, the UK and the four-member European Free Trade Association (Efta) bloc comprising Switzerland, Norway, Iceland and Liechtenstein.
The minister said the Oman FTA had become operational on 1 June and that two to three more “substantive” trade agreements are expected to come into effect in the next six months.
Goyal said these agreements complement India's growth strategy by expanding market access, facilitating trade, enabling movement of talent and attracting investments, including through the establishment of global capability centres (GCCs) in the country.
Referring to his recent engagements with investors in Canada and the US, Goyal said his discussions with global pension funds, insurance companies and institutional investors reflected their strong confidence in India's economic prospects. He said investors increasingly view India as a trusted investment destination and a credible alternative manufacturing hub.
The minister said India continues to be the world's fastest-growing major economy and remains well-positioned to sustain growth over the long term, aided by reforms, infrastructure development and technological advancement.
Highlighting efforts to improve the ease of doing business in India, Goyal said the second version of the Jan Vishwas Act, passed in April, had decriminalized nearly 1,000 offences across laws where there was no intent to cheat and no threat to public safety or public health.
Speaking about the boost to industry infrastructure, Goyal highlighted the recently-announced Bhavya Scheme, under which the government plans to develop 100 industrial parks across the country with an outlay of nearly $3.5 billion. The scheme aims to provide plug-and-play industrial infrastructure, including factory-ready facilities, worker housing, utilities, environmental clearances and digital infrastructure.
Goyal said India is investing nearly $130 billion in ports, highways, roads, rural connectivity and airports, while also expanding its renewable energy capacity and strengthening the semiconductor ecosystem.
India plans to double renewable energy capacity from 250GW to 500GW over the next five years, Goyal said, highlighting the recent developments in semiconductor manufacturing, including efforts by Tata Electronics and ASML to establish India's first capital equipment manufacturing facility for the semiconductor industry.
Goyal said India is increasingly attracting global capital and technology alongside talent and remains focused on building capabilities in advanced manufacturing, artificial intelligence (AI), semiconductors and digital infrastructure.
The minister reiterated the Viksit Bharat vision, under which India aims to become a developed economy by 2047, and invited global investors to participate in the country's long-term growth story.