Mumbai: Commerce and Industry Minister Piyush Goyal said on Thursday India is actively expanding its global trade network, with the Oman free trade agreement (FTA) coming into effect from June 1, and another two to three more significant FTAs are scheduled to become operational in the next six months.
“Over the next year, around three to four more major FTAs will be executed, and in the next 9–10 months, all nine FTAs currently in the pipeline are expected to come into effect. Our doors are open for trade partnerships,” the minister said during his virtual address at the ‘Citi India Conference 2026’ being held in Mumbai.
He further stated the government has ensured uninterrupted fuel supplies despite the recent West Asia crisis and risks around the Strait of Hormuz and managed to keep inflation in check.
Goyal also said India had already begun diversifying its energy sources, which has helped manage supply disruptions during the crisis.
He said the government ensured uninterrupted availability of petrol, diesel, aviation turbine fuel, LNG for factories and LPG for domestic consumers. Fuel price increases were kept modest even as global inflation and energy risks intensified, he pointed out.
The minister added that the government continues to make fertilisers available to farmers at unchanged prices, absorbing the impact of higher global prices during the crisis.
Goyal further stated that India is being seen as the world’s credible alternative for manufacturing and investment. India will continue to be the world’s fastest-growing economy for the next two decades, he added.
The minister said long-term global capital is looking at India and the opportunities it offers.
“How quickly one recognises the India growth story will be the proportion of return that India can offer,” he remarked.
He added that patient investors in India have been rewarded, with returns backing their conviction.
Goyal also said that India is moving beyond assembly and imported technologies to become an innovation hub.
He said the country is focusing on design, research and development, new-age technologies and artificial intelligence applications. Besides, India is also promoting clean energy to support data centres and other emerging technology sectors, he added.
Goyal’s comments come in the backdrop of the government’s big push to position India as a manufacturing, technology and investment destination.
(IANS)
