Union Commerce and Industry Minister Piyush Goyal, during his official visit to Sweden, projected a transformative economic future for India, stating that the country’s economy is expected to grow eightfold by 2047.
Speaking in Stockholm on Thursday, Goyal said, “The opportunities, the skills, the potential, the demand, and the decisive leadership that India has — seeing all this, even Swedish companies believe that the future lies in India.” He added that with India’s economic trajectory aiming for an eightfold growth by 2047, global partners are eager to engage with and benefit from this momentum.
Goyal also addressed the ongoing India-European Union Free Trade Agreement (FTA) negotiations, expressing optimism about its progress. “We are very much on track to achieve that. More than half the chapters are ready, and in terms of content, we are almost 90 per cent prepared for market access. The key issue left is tackling non-tariff barriers,” he stated.
Sweden’s Minister for International Development Cooperation and Foreign Trade, Benjamin Dousa, also echoed this view, emphasizing that a robust FTA should effectively address both tariff and non-tariff barriers to unlock the full potential of bilateral trade.
Goyal earlier remarked that the FTA would open up greater opportunities for Sweden in the Indian market. Both sides have expressed a commitment to concluding the FTA by the end of 2025, reaffirming a shared resolve to enhance trade cooperation and confront global economic challenges together.
If finalized, the FTA is expected to significantly reduce regulatory hurdles, deepen economic ties, and boost long-term growth for both India and the European Union.
