Emphasising the need for Indian industry to adopt a forward-looking and globally competitive approach, Union Minister of Commerce and Industry Piyush Goyal has stated that the USD 100 Billion European Free Trade Association (EFTA) investment will boost India’s innovation and precision manufacturing.

While addressing the 98th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (Ficci), Goyal noted that India has concluded balanced and equitable trade agreements with Australia, the United Arab Emirates (UAE), Mauritius, the United Kingdom and the four-nation EFTA bloc.

The minister added that the country is currently engaged in 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.

The Minister highlighted India’s strengths in innovation and technology, supported by a young demographic, increasing digital adoption and a growing talent pool. He said that India’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.

He noted that the recently notified USD 12 billion Research, Development and Innovation (RDI) fund, along with ongoing support to startups and deep-tech industries, will further accelerate India’s innovation ecosystem.

Source: Businessworld