India ensured energy security amid West Asia tensions; more FTAs to be operationalised soon: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said India successfully navigated recent geopolitical tensions in West Asia and ensured uninterrupted energy supplies through its strategy of diversifying import sources. 

Addressing the Citi India Conference virtually, Goyal said concerns over India's dependence on energy shipments through the Strait of Hormuz and disruptions to some supply routes did not affect domestic availability of key fuels, including petrol, diesel, aviation turbine fuel (ATF), liquefied natural gas (LNG), and LPG. The minister also highlighted India's transition from an assembly-based manufacturing economy to an innovation-driven one. 

"India today is focussing not only on assembling in India or bringing technologies from across the world; India is becoming an innovation hub, promoting design, research and development, new-age technologies, AI applications, and clean energy solutions that encourage data centres to locate in India," he said. 

On trade, Goyal said India is set to operationalise at least two to three major free trade agreements (FTAs) over the next six months, while another three to four significant pacts are expected to be concluded in the following year. 

"Only on June 1, the Oman FTA came into effect. In the coming six months, you will see at least two or three more very substantive FTAs coming into effect. Over the next year, you will see us executing at least another three or four significant FTAs," he said. 

According to the minister, all nine FTAs that have either been concluded or are currently under negotiation over the past three-and-a-half years are expected to come into force within the next nine to 10 months. 

Goyal said negotiations with the US for the first tranche of a bilateral trade agreement are in the final stages. He added that talks with the European Union have been concluded and are awaiting formal signing, while the trade pact with the UK is pending implementation after being signed last year. 

India is also negotiating trade agreements with countries, including Peru, Chile, Canada, and Israel, as part of efforts to expand market access for Indian exporters. 

Pitching India as a preferred destination for global investment, Goyal said the country is increasingly being viewed as the "only credible alternative" for manufacturing and investment amid growing geopolitical and economic uncertainties across the world. 

The minister also expressed optimism about investment prospects in eastern India, saying Kolkata is re-emerging as a business destination and that West Bengal is poised for a new phase of growth and development. "Kolkata is inviting business once again," he added.