The Business Bytes
THEBUSINESSBYTES BUREAU
NEW DELHI, JUNE 10, 2025
Union Minister of Commerce and Industry, Piyush Goyal, delivered a compelling address to leading Swiss industrialists and innovators at the prestigious Swissmem Industry Day in Switzerland on Tuesdday, portraying India as a dynamic and dependable partner in global economic growth.
In a landmark engagement aimed at deepening bilateral ties, Shri Goyal highlighted the immense potential of the India-EFTA Trade and Economic Partnership Agreement (TEPA), describing it as a “Trust and Efficiency Partnership” rooted in mutual confidence, shared values, and complementary strengths. He emphasized that the agreement marks the dawn of a new era of collaboration between India and the four EFTA nations — Switzerland, Norway, Iceland, and Liechtenstein.
“I come to meet you with the aspirations of 1.4 billion Indians who dream as high as your towering Alps,” Shri Goyal stated, extending an earnest invitation to Swiss entrepreneurs and industrial leaders to partner in India’s ambitious economic journey towards becoming a $30–35 trillion economy by 2047, coinciding with the centenary of India’s independence.
In a notable proposal to foster ease of doing business, Goyal suggested establishing a dedicated Swiss Enclave in India — a special economic zone tailored to Swiss enterprises — to provide a familiar and business-friendly environment for companies looking to expand into the Indian market.
He emphasized India’s unprecedented economic transformation — from a $270 billion economy three decades ago to a $4 trillion powerhouse today — and underscored the strength of India’s youthful population, with an average age of 28.4 years, positioning the nation as a vibrant and innovation-driven economy for decades to come.
“Democracy, demographic dividend, decisive leadership, and diversity make India a dependable partner,” he asserted, assuring Swiss businesses of India’s stable, rules-based ecosystem and investor-friendly environment.
Goyal highlighted India’s robust infrastructure growth, pointing out key milestones such as the addition of 80 new airports in the last 10 years — including a notable one in partnership with Zurich Airport—doubling of port capacity, development of world-class expressways, and the creation of 104 new inland waterways. He also noted a 50-fold increase in solar energy capacity and the doubling of overall power generation in the last decade.
“Our infrastructure spending of over $125 billion annually acts as a powerful multiplier, driving India’s transformation,” he said, appealing particularly to Switzerland’s small and medium enterprises (SMEs) to explore India’s dynamic business environment.
India’s educational strength was also spotlighted, with Shri Goyal noting that the country produces the highest number of STEM graduates in the world — 43% of whom are women—offering a deep and diverse talent pool for industries seeking innovation and scale.
Citing World Bank data, the Minister revealed that extreme poverty in India has fallen to just 5%, with 270 million people lifted out of poverty in the past 11 years. He credited a balanced economic model that blends welfare-driven policies with robust consumption and manufacturing-led growth.
“India today stands ready and willing to welcome global partners,” Goyal concluded, urging Swiss businesses to experience the remarkable transformation underway in the country. “Come discover India. Come experience Incredible India. Come witness the beauty and transformation of a nation that is emerging from the shadows and claiming its rightful place in the comity of nations,” he added.
