India’s trade deals now open markets worth $70 trillion, Goyal tells Telangana summit

India's trade agreements now give it preferential access to markets with a combined GDP of $70 trillion, Commerce and Industry Minister Piyush Goyal said on 29 October, urging Telangana to make greater use of them.

He was speaking at the curtain raiser of the Invest Telangana Global Summit in New Delhi, in the presence of Chief Minister A. Revanth Reddy.

The trade numbers he gave

• $10 trillion of that GDP comes from agreements finalised more than a decade ago, and $60 trillion from nine recently finalised agreements.
• Eight more agreements under negotiation would add about $15 trillion, taking India's preferential access to roughly 76% of world GDP of $115 trillion.
• Over the past four and a half years India has finalised nine free trade or bilateral trade agreements covering 38 developed countries.
• India has set an export target of $1 trillion this year, about 15% growth, even though the IMF projects world trade growth of barely 1.9%.

On the economy

Goyal cited growth of 7.7% last year and 7.8% in the first quarter of this year, and said he expects growth above 7% in the September quarter. He noted that several rating agencies had upgraded India, including Japan's JCR for the first time in over 35 years, and acknowledged risks from conflicts in West Asia and Ukraine and disruption around the Strait of Hormuz.

He said Telangana's goal of becoming a $3 trillion economy by 2047 was achievable if the Centre, the state, industry and citizens worked together. He also recalled the Motupalli inscription of 1244, issued by Kakatiya ruler Ganapati Deva, as an early charter promising traders stability.

The growth figures for the September quarter are Goyal's expectation, not official data.

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Source: official release by the Ministry of Commerce & Industry, issued through the Press Information Bureau, Government of India (29 OCT 2026 9:47PM by PIB Delhi). Read the full official text: Union Minister of Commerce and Industry, Shri Piyush Goyal Calls for Greater FTA Utilisation by Telangana.