EFTA committed to invest $100bn in innovation-manufacturing
India is currently engaged in free trade agreement (FTA) discussions with 14 countries or groups representing nearly 50 nations, including the United States, the European Union, GCC countries, New Zealand, Israel, Eurasia, Canada, South Africa and the Mercosur group.
This update was given by Commerce and Industry Minister Piyush Goyal at the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi on 28 Nov.
To date, India has concluded balanced and equitable trade agreements with Australia, the UAE, Mauritius, the United Kingdom and the four-nation European Free Trade Association (EFTA) bloc, he told the business community under FICCI.
Referring to the recent EFTA agreement, the Minister noted that the bloc has committed to invest US$100 billion in India across innovation and precision manufacturing.
He highlighted India’s cost competitiveness in research and innovation, stating that high-quality innovation undertaken in India can be achieved at a fraction of the cost compared to Europe or the United States http://commerce.gov.in.
He emphasised the need for Indian industry to move beyond legacy mindset and adopt a forward-looking and globally competitive approach.
The Minister highlighted India’s strengths in innovation and technology, supported by a young demographic, increasing digital adoption and a growing talent pool, highlighting the country’s large number of STEM graduates and widespread internet access create strong potential in emerging areas such as applied artificial intelligence, automation, robotics and deep-tech innovation https://www.nseindia.com/.
Goyal underlined the importance of strengthening skilling to prepare India’s youth for future opportunities, pointing out that India needs to be ready for a major role in the global technology landscape.
Goyal outlined India’s strengths through the PESTLE framework, and initiatives such as the National Manufacturing Mission as well as the Rs.25,000 crore Export Promotion Mission that are supporting India’s rise towards becoming the world’s third-largest economy.
In the technology sector, the Minister highlighted initiatives for reducing external dependence, including the Semiconductor Mission (Rs.76,000 crore) and the Rs.7,000 crore programme for permanent magnet production, which strengthen domestic manufacturing and supply chain security https://www.bseindia.com/.
In the legal domain, he referred to ongoing reforms, including progress toward Jan Vishwas 3.0, designed to enhance ease of doing business. He further noted that the Atomic Energy Bill 2025 marks a historic shift by opening up the nuclear sector to strengthen energy sovereignty.
The Minister urged FICCI to adopt a mission-driven approach to promoting innovation, deepening research and development, strengthening industry-academia linkages and supporting India’s journey towards becoming a developed nation by 2047 https://sbi.com.in/.
He said that the collective efforts of industry, government and citizens will be vital in enabling India to emerge as a resilient, competitive and self-reliant global economic power. Fiinews.com
