Piyush Goyal Calls on Telangana to Maximise FTA Benefits, Boost Exports
Union Minister of Commerce and Industry Piyush Goyal on Thursday called on Telangana to make greater use of India’s free trade agreements (FTAs) to boost exports, expand market access and create...
Union Minister of Commerce and Industry Piyush Goyal on Thursday called on Telangana to make greater use of India’s free trade agreements (FTAs) to boost exports, expand market access and create opportunities for businesses, farmers and startups.
Addressing the curtain-raiser of the Invest Telangana Global Summit in New Delhi, he highlighted India’s growing trade partnerships, policy stability and investment opportunities, and said Telangana’s ambition to become a $3 trillion economy by 2047 was achievable through collective efforts by the Central Government, State Government, industry, investors and citizens.
Goyal congratulated Telangana Chief Minister A. Revanth Reddy on convening the summit and emphasised the State’s potential to contribute to the vision of Viksit Bharat 2047.
India’s FTAs Offer Access to 76% of Global GDP
Goyal said India’s existing trade agreements had provided preferential market access to a global GDP of $70 trillion, including $10 trillion through agreements finalised more than a decade ago and an additional $60 trillion through the nine recently finalised agreements.
With negotiations underway for another eight bilateral or multilateral agreements, which he said would add a further $15 trillion, India would have preferential market access covering approximately 76 per cent of the global GDP of $115 trillion.
He said that over the preceding four and a half years, India had negotiated and finalised nine free trade agreements or bilateral trade agreements, opening opportunities for Indian businesses in 38 developed countries. These countries offered complementary capabilities, including advanced equipment, modern technologies, high-tech devices and graphics processing units (GPUs) required by Indian industry.
The Minister called for greater utilisation of these agreements to help Telangana’s businesses access international markets and benefit from preferential trade terms.
India Targets $1 Trillion in Exports
Referring to global economic conditions, Goyal said the International Monetary Fund (IMF) had projected global trade growth of barely 1.9 per cent amid global challenges. Against this backdrop, India had set a target of $1 trillion in exports, aiming for 15 per cent growth in the current year.
He said the target reflected the collective conviction of exporters, industry associations and businesses to surpass conventional forecasts.
Highlighting India’s economic performance, Goyal said the country had moved from the “Fragile Five” a decade ago to the world’s fifth-largest economy and the fastest-growing large economy. He cited growth of 7.7 per cent in the previous year and 7.8 per cent in the first quarter of the current year, expressing the expectation that growth would remain above 7 per cent in the quarter ending September.
He also referred to the IMF’s recent assessment of stronger-than-expected economic performance and its expectation that India would continue to be the fastest-growing large economy in the current and following year.
Acknowledging global uncertainties arising from conflicts in West Asia and Ukraine and disruptions around the Strait of Hormuz, Goyal said India continued to demonstrate resilience. He also highlighted upgrades to India’s credit rating by multiple international rating agencies, including the Japanese Credit Rating Agency (JCR), which upgraded India’s rating for the first time in over 35 years.
Telangana’s Role in Viksit Bharat 2047
Goyal said India offered investors stable policies, open borders, supply chain resilience and the assurance that the rule of law would protect their interests.
Emphasising the collective responsibility towards Viksit Bharat 2047, he said the country’s journey towards shared prosperity required the collective drive and energy of 1.4 billion Indians. Telangana’s skilled, qualified and youthful population, he added, could help the State set new benchmarks for growth and development.
Referring to Telangana’s aspiration to grow from an economy of approximately $200 billion to $3 trillion by 2047, he welcomed the target set by the State Government.
He said the Central Government, State Government, businesses, investors, farmers, fishermen, technical manpower, scientists, innovators, startups, women entrepreneurs and officials would all have to contribute to the State’s development.
Goyal said Telangana was well positioned to contribute to the Viksit Bharat vision through its pharmaceutical industry, aerospace and defence capabilities, value-added agriculture, food processing, research and development, innovation and services sector. He also highlighted opportunities in global capability centres, design and innovation, artificial intelligence and quantum computing.
GI-Tagged Products Can Benefit from Trade Agreements
Emphasising that every contribution mattered to economic development, Goyal referred to the dispatch of 2.5 metric tonnes of GI-tagged Tandur red gram from Hyderabad to Australia, leveraging the India-Australia free trade agreement.
He said such exports demonstrated how trade agreements could create opportunities not only for large industries but also for farmers and smaller producers.
The Minister highlighted the role of farmers, entrepreneurs, MSMEs and other stakeholders in collectively advancing the vision of Viksit Bharat 2047.
He called for taking GI-tagged products such as Tandur red gram, Chatpata chilli and Nizamabad turmeric to global markets. He stressed the need for traceability, packaging and branding to help farmers secure a premium for their produce.
Industrial Projects to Support Telangana’s Growth
Goyal reiterated the Central Government’s commitment to Telangana’s development and referred to projects launched or supported in the State.
He mentioned the foundation stone for the Zaheerabad Industrial Smart City, which he said would provide plug-and-play industrial land for automobiles, food processing, machinery and electrical equipment.
He also referred to the Kakatiya Mega Textile Park in Warangal, describing it as the first fully functional PM MITRA park. He highlighted its alignment with the 5F vision of “farm to fibre, fibre to factory, factory to fashion, and fashion to foreign”.
Suggestions to Boost Exports and Investment
Outlining suggestions for Telangana, Goyal proposed identifying the State’s 50 leading export products across goods and services and mapping markets offering preferential access under existing FTAs.
He also suggested setting up FTA help desks in every district to help MSMEs, farmers and startups make the most of these agreements.
The Minister called for moving Telangana’s pharmaceutical industry up the value chain by strengthening domestic capabilities in key starting materials and active pharmaceutical ingredients (APIs), investing in innovation, and moving beyond generics towards high-value branded and innovative pharmaceutical products, biosimilars and biotechnology.
Identifying opportunities in space, aerospace, aircraft components, maintenance, repair and overhaul (MRO), defence, electronics, artificial intelligence, quantum computing and machine learning, he called for developing precision engineering and tooling capabilities, establishing advanced testing facilities and partnering with leading global institutions in science, technology and manufacturing.
He also proposed stronger linkages between industry, academia and government to advance research and development and skilling, helping prepare the workforce for future industrial and technological requirements.
Finally, Goyal suggested accelerating ease-of-doing-business reforms through the decriminalisation of minor offences, reduced compliance burdens, simplified procedures and time-bound single-window clearances.
Referring to the Centre’s efforts in this direction, he encouraged Telangana to consider similar measures to simplify business operations and citizens’ lives, thereby strengthening ease of living across the State.
-PIB Inputs
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