Union Minister of Commerce and Industry Piyush Goyal discusses India's growing engagement with the global economy, its anticipated position as a $30 trillion economy, and ongoing negotiations with various countries.
On September 24, 2026, Union Minister of Commerce and Industry Shri Piyush Goyal addressed the Leadership Dialogue at the 13th PAFI Annual Forum in New Delhi. During his speech, Goyal underscored India's expanding engagement with the global economy and its efforts to strengthen participation in global value chains and supply chains. According to Goyal, India currently negotiates as a $4 trillion economy, while its economy on a purchasing power parity basis is around $20 trillion, making it the third largest in the world.
Goyal emphasized that ongoing negotiations include engagements with Canada, Chile, Peru, the Southern African Customs Union (SACU), Mexico, Maldives, Eurasia, Central Asia, Russia, the Gulf Cooperation Council (GCC) and Israel. These negotiations aim to expand opportunities for India to participate in global value chains and supply chains and facilitate the movement of goods and services.
The Minister also highlighted India’s semiconductor consumption demand, which is projected to grow to over $150 billion annually in the next five years. Additionally, Goyal underscored the need to develop capabilities across the AI ecosystem, including large language models and agentic models. The growth of India’s startup ecosystem was also mentioned, with Goyal stating that when Startup India was launched, the country had around 400–500 startups, while India has since become the world’s third-largest startup ecosystem, with more than 120 unicorns.
Finally, Goyal expressed confidence in the ability of the youth to make informed choices about their future as India's young population becomes increasingly informed about global developments and opportunities.
Source:
Press Information Bureau
