India’s Commerce and Industry Minister, Piyush Goyal, on December 20, 2025, emphasized how India’s policy reforms, the introduction of new labor codes, digital innovation, and an export-led growth model have positioned the country as a reliable and trusted partner in global trade. Speaking at the World Hindu Economic Forum 2025, Goyal outlined the strategic moves made by the government to boost India’s economic transformation under the leadership of Prime Minister Narendra Modi.
India’s Reform-Driven Economic Growth
During his address, Goyal highlighted that the country’s reform-driven governance model has laid a solid foundation for long-term economic growth. He pointed out that India’s economic rise is not just about expanding GDP but also about fostering confidence, value-driven leadership, and global engagement.
The Minister also referred to India’s civilizational ethos and the guiding principle of Vasudhaiva Kutumbakam—the concept of the world being one family. This ideal, he stated, has shaped India’s global outlook and strategic approach to leadership in the international arena.
Strengthening Export Base and Strategic Partnerships
Goyal also emphasized that India’s export base continues to strengthen, not just through innovation and diversification but also with strategic trade reforms. Despite the ongoing global uncertainties, including geopolitical tensions and challenges posed by tariff-related disputes, especially with the US, India’s exports have continued to grow.
He noted that India’s efforts to increase high-value exports and expand its global partnerships have been crucial in maintaining a balanced trade trajectory amid global economic headwinds.
Free Trade Agreements and Future Trade Stability
India has also been actively pursuing free trade agreements (FTAs) to ensure long-term trade stability. One of the key agreements is the Comprehensive Economic Partnership Agreement (CEPA) with Oman, which Goyal said would bolster exports and enhance competitiveness. Negotiations with other countries are also ongoing, with the aim to diversify exports and strengthen India’s position in the global market.
Declining Trade Deficit and Growth in Exports
According to the latest Commerce Ministry data, India’s exports surged by 15.52% in November 2025, reaching $73.99 billion compared to $64.05 billion during the same month last year. This growth has contributed to a significant narrowing of the trade deficit, which fell by more than 61%, from $17.06 billion to $6.64 billion.
The growth was driven by strong demand from key trading partners across various sectors, including merchandise and services.
Looking Forward: India’s Vision for Global Trade
Goyal concluded by reiterating the government’s commitment to transforming India into a developed nation through reforms, digital progress, and global partnerships. He stressed that India’s focus on export diversification and sustainable trade practices will be key to ensuring future economic stability and growth.
