MUMBAI, India — India is expected to add nearly $26 trillion to its economy by 2047, marking a scale of growth that is unprecedented and unlikely to be replicated elsewhere, Union Commerce and Industry Minister Piyush Goyal said on Wednesday.
Speaking at the Global Economic Cooperation 2026 forum, Goyal said India’s economic rise is being driven by deeper global engagement and a shift away from isolation. “The era of economic isolation is over,” he said, adding that India is building alliances, strengthening partnerships, and concluding trade agreements “from a position of strength.”
Goyal noted that India has signed nine trade agreements over the past four years, with more in the pipeline, while ensuring national interests remain central to negotiations. “India’s national interests guide every conversation — securing opportunities for farmers, MSMEs, women and industries, while safeguarding sensitive sectors,” he said.
In his keynote address, the minister described India’s trade and investment strategy as an invitation for global partners to participate in the country’s long-term growth story. He said India is on track to move from the world’s fourth-largest economy to the third largest by 2027–28, and ultimately to become a $30–35 trillion developed nation by 2047.
“A free trade agreement, for us, is an invitation to partner in India’s future,” Goyal said. “The world wants to be part of this story. And India, open, trusted and growing, is ready to welcome every partner who comes to the table in sincerity.”
The GEC 2026 forum has drawn senior government and business delegations from major economies including France, the United Kingdom, the United States, the United Arab Emirates, Australia, Singapore, Sri Lanka, and Seychelles.
Goyal said India currently has trade arrangements with 38 developed nations across 16 free trade agreements and six preferential trade agreements, crediting the progress to a clear and disciplined negotiating strategy. He said partner countries have accepted India’s positions because of transparency and consistency.
“Our negotiations allow us to protect farmers, safeguard the growth of MSMEs, protect fishermen, and preserve jobs in India,” he said, while also expanding market access for textiles, footwear and leather, boosting pharmaceutical exports, enhancing farm and marine product exports, and attracting technology and investment.
The forum is being held amid shifting global trade dynamics and the emergence of a more multipolar economic order, with a focus on building resilient and inclusive cooperation frameworks.
Addressing the gathering, External Affairs Minister S. Jaishankar said the world has entered a volatile and uncertain phase, with long-standing assumptions under strain and multiple global transitions unfolding at once. He said India’s development goals are closely tied to its commitment to global stability and trust.
Maharashtra Chief Minister Devendra Fadnavis said the forum comes at a time when global trade is undergoing major disruption, supply chains are being reorganized, and strategic sectors such as semiconductors, energy, food, rare earths and artificial intelligence are increasingly linked to national security. He urged participants to work toward an economic order that is resilient, inclusive and strategically stable. (Source: IANS)
