India is expected to gain preferential access to overseas markets representing a combined gross domestic product (GDP) of $85 trillion within approximately 18 months, Commerce and Industry Minister Piyush Goyal said on Oct 12.
Speaking at The Dilli Dialogue, Goyal said the government was pursuing a structured strategy to achieve $1 trillion in exports during FY27 through expanded international trade partnerships.
He noted that the projected market access would cover a substantial share of the estimated $115 trillion global economy.
'Govt protecting domestic industries'
Goyal said India's free trade agreement (FTA) negotiations prioritised access to international markets while safeguarding sensitive domestic industries.
These include agriculture, fisheries and micro, small and medium enterprises (MSMEs).
He emphasised that trade negotiations must respect the economic priorities of both participating countries.
Citing dairy as an example, Goyal said India had protected the sector while negotiating agreements with Australia, New Zealand, the European Union (EU) and the European Free Trade Association (EFTA).
He added that dairy had also been excluded from trade negotiations with the United States.
On automobiles, India had adopted a calibrated approach in agreements with the United Kingdom and the EU.
The arrangements permit limited imports of expensive vehicles that are not manufactured domestically, with quotas designed to protect Indian automobile manufacturers.
Goyal said large-scale demand could eventually encourage overseas manufacturers to establish production facilities in India.
India advances Canada trade talks
The minister said India was progressing with trade negotiations involving Canada as part of its broader international market access strategy.
He argued that carefully structured agreements with wealthier economies could create export opportunities while limiting risks to vulnerable domestic sectors.
Goyal also said rising imports should not necessarily be viewed negatively, as they could indicate expanding domestic demand and attract manufacturing investment.
He cited electronics imports as an example of demand potentially encouraging semiconductor manufacturing investments in India.
The government is also seeking to strengthen supply-chain resilience by reducing dependence on a limited number of countries for critical products.
According to Goyal, diversified trade relationships and increased domestic manufacturing would support India's long-term economic ambitions.
