India to Operationalise Nine Free Trade Agreements Within a Year, Says Piyush Goyal

Mumbai, June 2026 : Union Commerce and Industry Minister Piyush Goyal on Thursday said India is rapidly expanding its global trade footprint, with multiple Free Trade Agreements (FTAs) set to become operational over the coming months as part of the country’s strategy to strengthen international economic partnerships and boost exports.

Addressing the Citi India Conference 2026 through a virtual platform, Goyal said the recently concluded Oman Free Trade Agreement came into force on June 1 and marked another important milestone in India’s growing network of trade partnerships.

He revealed that two to three additional major FTAs are expected to become operational within the next six months, while around three to four more significant agreements are likely to be concluded over the next year.

“Over the next nine to ten months, all nine FTAs currently under negotiation or in the pipeline are expected to come into effect,” Goyal said, emphasising that India remains open to forging stronger economic ties with countries across the world.

Highlighting India’s resilience during recent geopolitical tensions in West Asia, the minister said the government successfully managed fuel supplies despite concerns surrounding regional instability and disruptions linked to the Strait of Hormuz, one of the world’s most critical energy transit routes.

According to Goyal, India’s strategy of diversifying energy sources helped cushion the impact of supply-chain disruptions and ensured uninterrupted availability of essential fuels. He said the government maintained stable supplies of petrol, diesel, aviation turbine fuel (ATF), liquefied natural gas (LNG) for industries, and LPG cylinders for households during the crisis.

Despite global energy volatility and rising inflationary pressures in many economies, India succeeded in keeping fuel price increases relatively moderate, he noted.

The minister also highlighted the government’s efforts to protect the agricultural sector from international price shocks. He said fertilisers continued to be supplied to farmers at unchanged rates, with the government absorbing the burden of increased global costs to ensure that agricultural productivity remained unaffected.

Goyal expressed confidence about India’s long-term economic trajectory, stating that the country is increasingly being viewed as a reliable and attractive destination for manufacturing, investment and business expansion.

“India is emerging as the world’s most credible alternative for global manufacturing and investment,” he said, adding that the country is expected to remain among the fastest-growing major economies for the next two decades.

The minister noted that global investors are increasingly recognising India’s growth potential and are directing long-term capital towards the country. He remarked that investors who identify opportunities in India early are likely to benefit significantly from its economic expansion.

“Patient investors in India have consistently been rewarded, and the returns have justified their confidence,” he said.

Goyal further stressed that India is moving beyond being merely an assembly-based economy and is steadily transforming into a centre for innovation and advanced technology. He said the government is encouraging investments in design, research and development, artificial intelligence, and other emerging technologies.

In addition, he highlighted India’s push towards clean and sustainable energy solutions to support the growth of data centres and future technology-driven industries.

The minister’s remarks come amid the government’s broader efforts to position India as a global hub for manufacturing, innovation, technology development and international investment, while strengthening its role in global trade and supply chains.