India Charts New Economic Path with Record Exports and FTAs: Piyush Goyal

By siliconindia  |  Monday, 23 June 2025, 09:28:15 AM IST

India Charts New Economic Path with Record Exports and FTAs: Piyush Goyal
  • India’s exports reached $71.12 billion in May 2025, with strong growth in key markets like the US, China, and Russia, supported by new Free Trade Agreements.
  • Streamlined digital processes, reduced compliance burden, and enhanced ease of doing business have empowered small enterprises and boosted investor confidence.
  • FDI now comes from 112 countries, reflecting global confidence in India’s economy and the impact of policy reforms allowing 100% FDI in most sectors.
India is setting new benchmarks in trade and economic growth, powered by record export figures, progressive free trade agreements (FTAs), and robust infrastructure, Union Commerce and Industry Minister Piyush Goyal said on Monday.
Highlighting the country's economic trajectory in a post on social media platform X, Goyal stated that India is building a 'new road to economic prosperity', driven by a streamlined, transparent digital ecosystem and a strong push toward futuristic infrastructure.
“The focus is squarely on empowering businesses and attracting greater investments”, Goyal said, noting that enhanced stakeholder consultations, a reduced compliance burden, and improved Ease of Doing Business have bolstered small businesses and investor confidence, fostering a competitive trade environment.
India’s total exports of merchandise and services in May 2025 stood at $71.12 billion, marking a 2.77% year-on-year increase despite global headwinds including rising geopolitical tensions and a renewed trade war driven by U.S. tariff hikes.
The top five export destinations in May included the United States (16.93% growth), China (25.04%), Australia (35.36%), Russia (48.11%), and Germany (17.05%), according to data from the Commerce Ministry.
Goyal also praised the Vanijya Bhawan the integrated hub for India’s commerce and industry which he described as a symbol of the country’s modern, efficient approach to trade governance. Since its inauguration by Prime Minister Narendra Modi three years ago, the Bhawan has become instrumental in driving policy implementation and business reforms.
“This has been made possible by the commitment of our employees from senior officials to cleanliness staff each contributing to India's trade and commerce story”, Goyal said, expressing gratitude to the “Vanijya Bhawan parivar.”
The minister emphasized India’s goal of becoming a developed nation by 2047, urging continued collaboration with industry stakeholders and global partners.
India’s foreign direct investment (FDI) inflows also reflect growing international trust, with contributions now coming from 112 countries, up from 89 in 2013–14. Goyal credited this success to visionary reforms, policy clarity, and expanded automatic route approvals, with FDI up to 100% permitted in most sectors.
“India’s FDI success story is not just about numbers — it’s a testament to the world’s confidence in our economic future”, Goyal concluded.

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