Goyal highlighted forex reserves at $700 billion, 7.8% GDP growth, and predicted India’s rise to a $5 trillion economy
New Delhi
India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) will officially come into force on October 1, Union Commerce and Industry Minister Piyush Goyal announced on Monday. The EFTA bloc includes Switzerland, Liechtenstein, Norway, and Iceland. The deal, finalised in March 2024, marks another milestone in India’s growing trade network.
Speaking at the UP International Trade Show, Goyal said India is currently negotiating agreements with 27 countries, including the United States, European Union, and Peru. He added that talks with Eurasia have also reached the stage of agreed terms of reference. In recent years, India has already signed pacts with the UAE, Australia, and the UK.
Highlighting economic progress, Goyal noted that India’s foreign exchange reserves have risen to USD 700 billion, nearly three times higher than in 2014. He predicted India will become a USD 5 trillion economy and the world’s third-largest within two years. India’s GDP grew by 7.8% last quarter, while inflation dropped to 2%, the lowest since independence. He credited transparency and reforms for strengthening banks, reducing interest rates, and keeping inflation stable.
Goyal reminded that in 2014, India was among the “Fragile Five” economies, but reforms like transparent auctions for spectrum and mines have transformed governance.
On Uttar Pradesh, he praised its rapid growth in the past eight years, calling it “Unstoppable Uttar Pradesh.” He also referred to GST-linked savings, describing them as a festive gift during Navratri.
The FTA with EFTA is expected to boost India’s trade ties, attract investments, and expand opportunities for businesses across multiple sectors.