India Eyes 3-4 More FTAs As Nine Pacts Near Rollout, Says Piyush Goyal

India expects the nine free trade agreements (FTAs) signed over the last three years to become operational within the next 10 months and plans to conclude another three to four major trade pacts over the coming year, Commerce and Industry Minister Piyush Goyal said on Thursday.

Speaking at the Citi 2026 India Conference in Mumbai, Goyal said the government's strategy is focused on making India a global manufacturing and investment hub while deepening integration with international markets.

He said at least two to three "very substantive" FTAs are expected to come into force within the next six months following the implementation of the Oman FTA on June 1.

According to the minister, the nine trade agreements signed in recent years cover 38 developed economies that complement India's growth story rather than compete with it.

India Emerging as Manufacturing Alternative

Addressing global investors, Goyal said India has emerged as the world's most credible alternative manufacturing destination as multinational companies reassess global supply chains.

"My discussions with roughly 50 international companies who joined me at a roundtable clearly give me a picture that the world is looking at India as the only credible alternative as a manufacturing hub, as a trusted partner, as an investment destination which is safe," he said.

Goyal added that investor sentiment during his recent visits to Canada and the United States reflected growing confidence in India's long-term growth prospects.

"The world's long-term capital is looking at India and the opportunities that India presents," he said.

He also expressed confidence that India would remain the world's fastest-growing major economy for decades.

"I have no hesitation in assuring all the friends at the India conference that India will continue to be the world's fastest-growing economy for over two decades into the future," he said.

Industrial Parks and Infrastructure Push

Goyal highlighted India's demographic advantage, expanding domestic market and technological capabilities as major attractions for global investors.

He said the government has recently launched a programme with an outlay of USD 3.5 billion to develop 100 industrial parks across the country. These parks will offer ready-to-use industrial infrastructure, including land, utilities, worker housing, environmental clearances and digital connectivity.

"We can offer factory-ready infrastructure," he said, adding that the government's role is increasingly shifting from regulator to facilitator.

The minister noted that a series of reforms have improved the ease of doing business, including the implementation of the four Labour Codes, which consolidated 29 labour laws into a simplified framework.

Goyal also said India has strengthened its energy security by diversifying supply sources and ensuring uninterrupted fuel availability despite geopolitical disruptions in West Asia.

He added that infrastructure investment remains a key pillar of the government's economic strategy, with nearly USD 130 billion being invested in highways, ports, airports and rural connectivity projects.