Is India Charting a New Path to Economic Prosperity with Record Exports and FTAs?

New Delhi, June 23 (NationPress) Union Commerce and Industry Minister Piyush Goyal stated on Monday that India is paving a new path towards economic prosperity through record export levels and numerous free trade agreements (FTAs). With a strong digital ecosystem in place, processes are becoming more streamlined, faster, and increasingly transparent, he noted in a post on the X social media platform.

“The development of state-of-the-art infrastructure has also been significant. We are focusing on empowering businesses and attracting more investments,” Goyal remarked.

The minister highlighted that improved stakeholder consultations, a reduced compliance burden, and enhanced ‘Ease of Doing Business’ have led to the empowerment of small businesses, boosted investor confidence, and created a more competitive trading landscape.

For May this year, India’s total exports of goods and services are estimated at $71.12 billion, marking a growth of 2.77 percent compared to the same month last year, despite increasing geopolitical tensions and trade disputes caused by the rise in US tariffs.

The top five export markets for India showing positive growth in May include the US (16.93 percent), China (25.04 percent), Australia (35.36 percent), Russia (48.11 percent), and Germany (17.05 percent), as per data from the Commerce Ministry.

Goyal mentioned that Vanijya Bhawan has been envisioned as a modern, efficient, integrated hub dedicated to India’s rapidly growing commerce and industry sector.

Since its inauguration by Prime Minister Narendra Modi three years ago, significant milestones have been reached and new standards set in how India conducts business.

“This success is credited to the dedication of our employees. From senior officials to cleaning staff, each member plays a vital role in shaping India’s trade narrative. I extend my gratitude to every member of the Vanijya Bhawan family,” said Goyal.

He added that the accomplishments of the past three years underscore the power of thorough planning, commitment, and execution.

“Let us recommit to engaging further with our industries and global partners to achieve the vision of Viksit Bharat 2047,” he emphasized.

India’s FDI inflows now come from 112 countries, up from 89 in 2013–14, highlighting the country's growing global appeal.

According to Goyal, India’s success story in FDI is not only marked by impressive numbers but also reflects visionary reforms, policy transparency, and the trust the global community places in India’s economic trajectory. Currently, up to 100 percent FDI is permitted through the automatic route in most sectors.