Union Commerce and Industry Minister Piyush Goyal has announced that the four-nation European Free Trade Association has committed to invest $100 billion in India, with a focus on innovation-led sectors and precision manufacturing. Speaking recently at FICCI’s 98th Annual General Meeting, he said India’s capability in research and innovation offers global-quality output at significantly lower costs compared with Europe and the United States. He urged domestic industries to move beyond legacy thinking and embrace globally competitive practices.

Goyal highlighted India’s expanding strengths in technology and innovation, supported by a young demographic profile, rapid digital adoption and a strong talent base. With a large pool of STEM graduates and widespread internet access, he said India is positioned to scale emerging areas including applied artificial intelligence, automation, robotics and deep-tech solutions.

He added that the recently introduced $12 billion Research, Development and Innovation (RDI) fund, alongside continued support for startups and deep-tech industries, will accelerate India’s innovation ecosystem. Emphasising the need to strengthen skilling, he noted that India’s youth are more adaptable to new technologies than those in ageing economies, reinforcing the country’s potential in future technologies.

On the technology front, Goyal referred to initiatives aimed at reducing external dependence, including the Semiconductor Mission with an outlay of Rs 760 billion and the Rs 70 billion programme for domestic permanent magnet production. He said these steps enhance manufacturing capability and supply chain security.

He also pointed to ongoing legal and regulatory reforms such as progress on Jan Vishwas 3.0 to improve ease of doing business, and the Atomic Energy Bill 2025, which opens up the nuclear sector to support energy sovereignty.

Goyal said India has concluded balanced trade agreements with Australia, the UAE, Mauritius, the United Kingdom and the EFTA bloc. He added that active discussions are under way with 14 countries or groups representing nearly 50 nations, including the United States, European Union, GCC, New Zealand, Israel, Eurasia, Canada, South Africa and Mercosur.

(Source: ET Manufacturing)