Hyderabad: Union Commerce and Industry Minister Piyush Goyal has urged Telangana to maximise FTA benefits to expand exports, support farmers and attract investment. Speaking at the curtain raiser of the Invest Telangana Global Summit in New Delhi on October 29, he backed the State’s goal of becoming a $3 trillion economy by 2047.
Goyal said India’s existing trade agreements provide preferential market access covering $70 trillion in global GDP. Of this, older agreements account for $10 trillion, while nine recently finalised agreements cover another $60 trillion. Furthermore, negotiations are underway for eight more agreements. These could raise India’s preferential market access to about 76% of the global GDP of $115 trillion.
Despite global trade challenges, India has set an export target of $1 trillion, aiming for 15% growth in the current year. Goyal cited economic growth of 7.7% in the previous year and 7.8% in the first quarter of the current year. He also pointed to improved credit ratings from international agencies, including Japan’s JCR, which upgraded India’s rating for the first time in more than 35 years.
The Minister highlighted India’s stable policies, resilient supply chains and legal safeguards for investors. Over the past four and a half years, India has finalised nine free trade or bilateral trade agreements. These have opened opportunities in 38 developed countries, including access to advanced equipment, modern technologies and graphics processing units needed by Indian industries.
Goyal also recalled Telangana’s historic trading links. He cited the Motupalli Abhaya Shasana, a maritime charter issued in 1244 by Kakatiya ruler Ganapati Deva. The charter promoted predictable trade, a principle he said remains important to investors today.
He welcomed Telangana’s ambition to grow from an economy worth around $200 billion to $3 trillion by 2047. According to Goyal, pharmaceuticals, aerospace, defence, agriculture, food processing, research and services can drive this growth. In addition, artificial intelligence, quantum computing, design and global capability centres offer further opportunities.
FTA benefits can help Telangana expand exports
Goyal outlined six steps to strengthen Telangana’s export performance. First, the State should identify its 50 leading export products and services. It should then match them with overseas markets that offer preferential access under existing trade agreements. He also proposed district-level FTA help desks to guide farmers, startups and micro, small and medium enterprises.
Second, he called for greater global promotion of geographical indication-tagged products. These include Tandur red gram, Chatpata chilli and Nizamabad turmeric. Better traceability, packaging and branding could help farmers earn premium prices. As an example, Goyal cited the dispatch of 2.5 metric tonnes of GI-tagged Tandur red gram from Hyderabad to Australia under the India-Australia trade agreement.
Third, he urged Telangana’s pharmaceutical industry to move beyond generic medicines. He called for stronger domestic production of key starting materials and active pharmaceutical ingredients. Meanwhile, greater investment in branded medicines, biosimilars, biotechnology and innovation could help the sector move up the value chain.
Goyal also identified opportunities in space, aerospace, aircraft components, maintenance, repair and overhaul, defence, electronics and emerging technologies. To support these sectors, he recommended stronger precision engineering and tooling capabilities. Advanced testing facilities and partnerships with global institutions would also help.
Furthermore, he called for closer cooperation between industry, academia and government. Such links could strengthen research, development and skills training while preparing workers for future industrial needs. He also urged Telangana to simplify business procedures, reduce compliance burdens, decriminalise minor offences and provide time-bound single-window clearances.
The Minister highlighted the Zaheerabad Industrial Smart City project, which will offer ready-to-use industrial land for automobiles, food processing, machinery and electrical equipment. He also cited the Kakatiya Mega Textile Park in Warangal, describing it as the first fully functional PM MITRA park. The project follows the “farm to fibre, fibre to factory, factory to fashion, and fashion to foreign” approach.
Goyal said Telangana’s development ambitions align with Prime Minister Narendra Modi’s Viksit Bharat vision for 2047. He called for coordinated efforts by the Central and State governments, industry, investors, farmers and entrepreneurs.
Concluding with a Diwali reference, Goyal said every investment, export, new job and startup could bring Telangana and India closer to their development goals. He invited investors from India and abroad to build long-term partnerships that generate jobs and strengthen prosperity.
