India is firmly on course to become a $30 trillion economy by 2047, supported by steady trade growth and expanding global partnerships, Commerce and Industry Minister Piyush Goyal said on the same day the India-US trade deal framework was announced.
Speaking at the NDTV Profit Conclave, Goyal said India's overall trade is expected to grow by 5-6% this year, even amid a challenging global environment. "India is in a sweet spot as we work towards the Viksit Bharat 2047 goal," he said, pointing to policy stability and growing investor confidence.
India-US Deal Seen as a Major Growth Catalyst
Goyal said the trade deal framework with the United States would help unlock "huge potential" across sectors, with particularly strong tailwinds for artificial intelligence and data centre investments in India. He added that the agreement would also enable India to benefit from products imported from the US, while opening up new investment opportunities domestically.
"There is limitless potential in India-US ties," the minister said, expressing confidence that bilateral trade could reach $500 billion over the next five to six years. According to him, feedback on the proposed deal has been "quite positive" across India, reflecting broad-based support from industry and other stakeholders.
FTA Push Continues, Canada Talks Advance
Beyond the US, Goyal said India is actively expanding its free trade network. The country has signed nine FTAs so far, covering trade with 38 nations. He confirmed that India is currently negotiating the terms of reference for a free trade agreement with Canada, while being "on the verge of closing" another FTA, without naming the partner country.
Describing the US negotiations, Goyal said discussions were "not stressful" and benefited from sincere cooperation from all stakeholders involved. He added that the government's focus remains on securing balanced agreements that support growth, investment, and technology adoption while strengthening India's position in global supply chains.
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