Daily News - Friday, 12 June 2026
India Signs 9 FTAs Covering 38 Countries in 3.5 Years and Sets USD $30 Trillion Economy Target by 2047 (Businessworld)
At the India Global Innovation Connect in New Delhi, Commerce and Industry Minister Piyush Goyal announced India’s ambition to become a USD $30 trillion (INR ₹2,490 lakh crore) developed economy by 2047, driven by trade expansion, innovation, and global supply chain integration. He emphasized that India has signed nine free trade agreements (FTAs) with 38 countries in the past three and a half years, including the European Free Trade Association (EFTA) pact with Switzerland, Norway, Iceland, and Liechtenstein. The EFTA agreement commits USD $100 billion (INR ₹8.3 lakh crore) in investments over 15 years, alongside the creation of one million direct jobs, reflecting India’s strategy to balance market access with investment commitments. Goyal highlighted the launch of a Rs 1 lakh crore innovation and research initiative, designed to mobilize private sector participation and strengthen collaboration among universities, businesses, and government agencies. He noted that India’s competitive operating costs, integrated national power grid, and expanding renewable energy capacity make it an attractive destination for manufacturing, services, and data centres. The minister concluded that India’s young talent pool and innovation ecosystem position the country as a complementary partner to ageing advanced economies, reinforcing its role as a global hub for trade and technology.
World Bank Projects India Growth at 6.6% in FY27 (News18)
The World Bank’s Global Economic Prospects report forecasts India’s GDP growth to moderate to 6.6% in FY27 (April 2026-March 2027), down from 7.7% in FY26, largely due to higher energy prices and input costs, but still positioning India as the fastest growing major economy worldwide. Growth is expected to rebound to 7.2% in FY28, supported by stronger domestic demand and improving export performance, reinforcing India’s long term resilience. The report highlights that private consumption, particularly in rural areas, remains robust, while urban demand is recovering, making household spending a key driver of expansion. Policy measures such as reductions in GST rates and fuel tax cuts by the Ministry of Finance are expected to cushion inflationary pressures and sustain consumption. On the external front, India’s merchandise exports could benefit from reduced US tariffs and the implementation of new free trade agreements, strengthening the external sector despite global uncertainties. Overall, the combination of resilient domestic demand, proactive government policy, and trade diversification ensures India remains a central engine of global growth despite geopolitical and energy related challenges.
India EFTA TEPA Implementation Talks Begin in Switzerland (Business Standard)
Commerce and Industry Minister Piyush Goyal will visit Berne, Switzerland, on June 12, 2026, to discuss implementation challenges of the India-EFTA Trade and Economic Partnership Agreement (TEPA), which came into force in October 2025. He is scheduled to meet Helene Budliger Artieda, State Secretary for Economic Affairs, and Guy Parmelin, Federal President of Switzerland, to address operational issues and strengthen bilateral trade and investment. The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway and Switzerland, and the pact includes commitments of USD $100 billion (INR ₹8.3 lakh crore) in investments over 15 years, alongside the creation of 1 million jobs. Goyal will also engage with representatives of the Swiss pharmaceutical industry, reflecting India’s interest in expanding cooperation in healthcare and life sciences. The delegation includes senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Health and Family Welfare, underscoring the multi-sectoral nature of the discussions. The Commerce Ministry stated that the visit aims to resolve operational bottlenecks, enhance institutional cooperation, and ensure smooth execution of the TEPA framework, reinforcing India’s long-term trade diversification strategy.
