‘Nobody in India will tell you it’s five o’clock’: What Piyush Goyal is pitching to Dutch businesses

Commerce Minister Piyush Goyal has urged Dutch businesses to look beyond India’s growing consumer market and consider the investment opportunities created by the country’s trade agreements, technology adoption and long-term economic expansion.

Speaking at the India-Netherlands Business Forum in The Hague on Tuesday, Goyal highlighted India’s expanding trade partnerships and called on companies to deepen their investment ties with the country. His pitch was that India offers not just a large domestic market but also opportunities to manufacture, innovate and build supply chains serving a wider range of economies.

Goyal’s remarks came during a visit to Germany and the Netherlands aimed at strengthening trade, investment and industrial cooperation. Around 100 Indian businesses and startups accompanied him, with discussions spanning food processing, high technology, renewable energy, logistics, manufacturing, pharmaceuticals, textiles and services.

Goyal’s $85 trillion market-access pitch

A key part of the minister’s message was India’s expanding network of trade agreements. Goyal said India had concluded nine free trade or bilateral trade agreements over the past four-and-a-half years, while negotiations on eight more were under way.

He said the existing agreements and those under negotiation could expand the economies covered by India’s trade arrangements from around $70 trillion to $85 trillion over the next 12 to 18 months. That would represent about 76 per cent of the estimated $115 trillion global economy.

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The figure combines markets covered by existing agreements with the potential reach of deals still being negotiated. It does not mean preferential access to every market is already available or guaranteed. The benefits for businesses will depend on the final terms, implementation and their ability to use the concessions.

For Dutch companies, Goyal’s proposition is to assess India both as a market in its own right and as a potential base for production and services linked to its wider trade relationships.

The proposed India-European Union free trade agreement is an important part of that strategy. India and the EU announced the conclusion of negotiations in January 2026. During his European visit, Goyal said the deal could become operational within four to five months of signing, which he expected before the end of 2026. The timeline remains subject to the signing and subsequent implementation processes.

From a $4 trillion economy to a $30 trillion ambition

Goyal also pointed to India’s population of 1.4 billion, its large middle-class market and its position as the world’s fastest-growing major economy.

He projected that India’s gross domestic product could rise from about $4 trillion to $30 trillion over the next 22 years. The projection underscores the scale of the long-term opportunity he is presenting to investors, but it remains an ambition rather than a guaranteed outcome.

Delivering that expansion would require sustained growth, higher productivity, investment and the development of industrial and services capacity. For foreign businesses, the opportunity will depend on whether economic growth translates into stronger demand, competitive production and reliable supply chains.

Goyal’s pitch goes beyond selling products to Indian consumers. He wants companies to consider building operations in India and using the country’s workforce, infrastructure and trade links to support their wider business plans.

Where Dutch businesses could invest

Goyal has identified manufacturing, research and development, infrastructure, renewable energy, logistics and digital technologies as areas for deeper Dutch investment in India.

In discussions with Dutch officials, he also highlighted potential cooperation in semiconductors, green hydrogen and clean energy. These sectors align with India’s efforts to expand domestic manufacturing, strengthen energy security and develop technology-intensive industries.

The two countries also have opportunities to deepen cooperation in logistics and supply chains. During the visit, the Indian delegation toured the Port of Rotterdam, a major European logistics hub, to examine its infrastructure and role in trade connectivity. The business forum’s agenda also included discussions on logistics, manufacturing, food processing and other sectors.

Food processing could create opportunities for farmers

Goyal also argued that investment in food processing can increase demand for farmers’ produce and help them secure better prices.

He said plantation produce is processed through food-processing plants, where 100 per cent foreign direct investment is already permitted. Citing coffee and spices, he said processing products before export can help expand opportunities for agricultural producers.

India permits 100 per cent FDI under the automatic route in the food-processing sector. The rules for agricultural and plantation activities are separate and vary by activity. The policy should not be interpreted as blanket permission for foreign investment across all agriculture and plantation businesses.

Investment in processing can help move agricultural products further up the value chain through processing, packaging and quality control. It can also create demand for cold storage, transport, testing and other services needed to get products to export markets.

The benefits for farmers are not automatic. They depend on procurement arrangements, competition among buyers, infrastructure and how much of the additional value reaches producers. But a larger processing industry can create more routes to market for agricultural products and help exporters meet quality and consistency requirements.

Turning trade engagement into investment

Goyal’s broader message was that India’s trade agreements, economic expansion and technology adoption should be considered together when companies evaluate investment opportunities.

He has said deeper bilateral and multilateral engagement can attract investment, create jobs and increase economic activity. He also said he would meet business representatives after their discussions to gather feedback on potential opportunities and concerns.

The challenge is turning that engagement into commercial commitments. A large market and an expanding network of trade agreements can make a country attractive, but companies also weigh regulatory procedures, infrastructure, skills, supply-chain reliability and the time required to establish operations.

Goyal has also highlighted the need for simpler procedures and less paperwork for businesses in Europe, underlining that the ease of operating in a market matters alongside its size.