Union Commerce and Industry Minister Piyush Goyal on Wednesday urged Indian industry to fully utilise free trade agreements (FTAs) with developed nations by focusing on quality, saying these pacts have opened up large global markets at concessional tariffs

Speaking at the National CSR Announcement for FY27 and a scholarship distribution event organised by the Malabar Charitable Trust, Goyal said India has signed nine FTAs with 38 developed countries in recent years. “These agreements provide preferential market access to nearly two-thirds of global trade,” he said, adding that Indian businesses must leverage this advantage to expand exports. 

According to Goyal, reduced or zero-duty access under these agreements gives Indian exporters a competitive edge. “Sectors including MSMEs, farmers, fishermen and artisans stand to benefit significantly from this expanded market access, provided there is a continued emphasis on high-quality production and services,” the minister said. 

CSR beyond compliance 

Goyal also praised companies that go beyond mandated corporate social responsibility (CSR) spending. Referring to the 5% profit allocation announced by the group, he said it was “a significant step that goes beyond statutory requirements and sets an example for others to follow.” 

The minister said that “the spirit of charity is deeply embedded in the ethos of Indian society,” and noted that voluntary efforts beyond compliance reflect genuine commitment to social development. He stressed that CSR initiatives should focus on tangible outcomes rather than future pledges. 

Highlighting ongoing welfare efforts under Prime Minister Narendra Modi, Goyal said the government is working to ensure access to basic services such as food, housing, healthcare, education and digital connectivity for all. 

Focus on inclusive growth 

The minister highlighted women-led development, recalling the views of B. R. Ambedkar that communities prosper when women advance. He said initiatives aimed at education and empowerment of girls are key to India’s long-term growth. 

Calling for collective effort towards the goal of Viksit Bharat 2047, Goyal said every citizen has a role to play in the country’s development journey. He also highlighted the importance of skilling, education and language training to improve global opportunities for India’s youth. 

Despite global trade disruptions and geopolitical challenges, the minister said India remains focused on strengthening its economic engagement and expanding opportunities for exporters.