Union Minister of Commerce and Industry Piyush Goyal said on Saturday that India would enter into trade agreements only if they align with the country’s national interest. He was speaking at a session titled ‘Creating Global Impact Towards Viksit Bharat’ organized by ASSOCHAM in Mumbai.
“If India gets a good trade deal, we will go ahead with it. If not, we won’t. India always puts the country’s interest first,” Goyal said at the Associated Chambers of Commerce and Industry of India (ASSOCHAM) event.
Addressing industry leaders and entrepreneurs, Goyal emphasized the need for a mindset shift in India’s Micro, Small & Medium Enterprises (MSME) sector and urged them to collaborate for collective growth.
“We need targets, guidance, and a change in mindset. Big or small, firms must grow together,” he said, calling on businesses to “support each other and be vocal for local.”
He underscored the crucial role of MSMEs in driving research, innovation, quality, and scalability to enhance global competitiveness. He assured industry players that their concerns would be addressed.
“The government can only act if the industry voices its concerns,” Goyal said.
Speaking on broader economic reforms, Goyal contrasted the current strength of the banking system with the challenges faced during the UPA government’s tenure.
“During the UPA regime, the banking sector collapsed under rising NPAs. We have restructured it in a transparent manner. Today, the banking system is robust and performing well,” he said, crediting the improvements to reforms led by Prime Minister Narendra Modi’s administration.
Goyal also announced that the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) will come into effect from October 1.
He said the deal, which was signed on March 10 last year, marks a significant milestone in India’s trade diplomacy. Under the agreement, India is set to receive committed investments worth USD 100 billion from the EFTA bloc over the next 15 years. According to government estimates, this investment is expected to generate one million direct jobs in India.
The agreement provides preferential market access for several European goods—including Swiss watches, chocolates, and cut and polished diamonds—which will now be subject to reduced or zero import duties. The EFTA comprises four European countries: Iceland, Liechtenstein, Norway, and Switzerland.
As part of the agreement, EFTA will invest USD 50 billion in India within the first 10 years, with an additional USD 50 billion committed for the subsequent five years, Goyal added.
Earlier on Saturday, Goyal also inaugurated the Data Security Council of India (DSCI) Advanced Cyber Skill Centre in Kandivali, which provides cybersecurity training to nearly 1,000 youth annually, with a strong focus on women’s empowerment under the PM Kaushal Vikas Yojana (PMKVY).
The Kandivali Skill & Career Centre, conceptualised under Goyal’s guidance, serves as a comprehensive skill development hub for youth and women across North Mumbai. “This is not just a building. It is a mission to empower the youth and women of Mumbai with future-ready skills,” Goyal said at the inaugural event.
The event was attended by DSCI CEO Vinayak Godse, Kyndryl Global Head of Corporate Affairs Una Pullizi, Kyndryl India President Lingraju Sawkar, along with industry leaders and young learners.