Indian Economy News

Union Minister of Commerce and Industry Mr. Piyush Goyal Highlights India’s Expanding Global Economic Engagement and Growing Integration with Global Value Chain

India is expanding its engagement with the global economy and strengthening its participation in global value chains and supply chains, according to Mr. Piyush Goyal, Union Minister of Commerce and Industry. Addressing the Leadership Dialogue at the 13th PAFI Annual Forum 2026 in New Delhi, Mr. Piyush Goyal said India is negotiating trade and economic partnerships from the position of an economy expected to grow into a Rs. 2,837.03 lakh crore (US$ 30 trillion) economy. Mr. Piyush Goyal highlighted ongoing trade engagements with Canada, Chile, Peru, the Southern African Customs Union, Mexico, Maldives, Eurasia, Central Asia, Russia, the Gulf Cooperation Council and Israel. These partnerships are aimed at expanding opportunities for Indian businesses to participate in global value chains and supply chains while facilitating the movement of goods and services. Mr. Piyush Goyal also highlighted opportunities for broader economic partnerships covering goods, services, tourism, education and sports.

India’s technology and start-up ecosystem is also emerging as an important component of its global economic integration. Mr. Piyush Goyal said India’s semiconductor consumption demand is expected to exceed Rs. 14.19 lakh crore (US$ 150 billion) annually over the next five years, while emphasising the need to build capabilities across the artificial intelligence ecosystem, including large language models and agentic models. Mr. Piyush Goyal also highlighted the expansion of India’s start-up ecosystem, noting that the country has grown from around 400–500 start-ups when Startup India was launched to become the world’s third-largest start-up ecosystem, with more than 120 unicorns. The focus is increasingly shifting towards innovation and deep-tech start-ups, alongside India’s expanding capabilities in space technology. Mr. Piyush Goyal noted that India has become the third country to have a rocket launched into space by the private sector. The developments highlight the growing role of technology, innovation and entrepreneurship in strengthening India’s participation in the global economy.

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