Indian Economy News

Union Minister of Commerce and Industry Mr. Piyush Goyal invites global investors to make India a preferred destination for manufacturing and emerging technologies

Union Minister of Commerce and Industry Mr. Piyush Goyal has invited global investors to make India their preferred destination for manufacturing, research and development (R&D), global capability centres (GCCs) and emerging technologies. Addressing the inaugural session of the 31st Confederation of Indian Industry (CII) Partnership Summit in Visakhapatnam, Andhra Pradesh, Mr. Piyush Goyal highlighted India's open markets, growing capabilities and reliable policy environment. He also noted that India has concluded nine free trade and preferential trade agreements over the last four to four-and-a-half years, covering 38 developed countries and providing access to markets representing around Rs. 5,703 lakh crore (US$ 60 trillion) in global gross domestic product (GDP).

Highlighting Andhra Pradesh's investment potential, he identified opportunities in advanced technology, drones, space, green hydrogen, data centres and R&D. Visakhapatnam is transitioning from traditional industries such as steel towards emerging technology-driven sectors. Mr. Piyush Goyal also emphasised India's cost competitiveness in research, design and manufacturing, supported by protection for intellectual property and investments. The summit, held under the theme “Navigating the New World Order”, brought together government representatives, businesses, industrialists and foreign diplomats from several countries. Discussions also highlighted opportunities for India in semiconductors, solar panels, battery storage systems, electric vehicles and agricultural value chains, with a focus on strengthening international cooperation and advancing the goals of Viksit Bharat and Viksit Andhra Pradesh.

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