Piyush Goyal Sets Sights on 10-Fold India-Germany Trade Growth
Union Commerce and Industry Minister Piyush Goyal has called for an ambitious expansion of bilateral trade between India and Germany, suggesting that the current trade volume of around €31.5 billion could be increased tenfold through strategic planning and closer business cooperation.
Delighted to speak at the inauguration of the India Center of the German Council on Foreign Relations (DGAP) alongside Ms. Katherina Reiche, Germany's Federal Minister for Economic Affairs and Energy (@BMWE_). Highlighted that the Center reflects the growing India-Germany ties & our shared commitment to deepening cooperation. Our complementary strengths provide a strong foundation for achieving our ambitious economic goals, with the India-EU FTA poised to add further momentum to this partnership. Emphasised that together, we can build resilient global value chains and also urged businesses & investors from both countries to explore avenues for collaboration that further advance mutual prosperity & growth. 📹 https://t.co/GWPDyEuVIN
— Piyush Goyal (@PiyushGoyal) October 22, 2026
Speaking on the 75th anniversary of diplomatic relations between the two countries, Goyal said India and Germany should not limit their ambitions by conventional economic forecasts or historical trade growth patterns.
To businesses, investors & innovators in India and the EU... 🇮🇳🇪🇺 Now is the time to explore opportunities & build partnerships that will truly unlock the full potential of the India-EU FTA once it comes into force. https://t.co/fF6d7WhvLb
— Piyush Goyal (@PiyushGoyal) October 22, 2026
“Our ambition is big,” the minister said, emphasising that both countries have significant opportunities to expand their economic partnership.
Goyal noted that global trade growth projections had recently been revised upwards from 1.9% to around 3%–3.5%. However, he questioned whether India-Germany trade ambitions should be constrained by these global estimates.
The inauguration of the India Center of the German Council on Foreign Relations (DGAP) is truly a milestone in our partnership. 🇮🇳🇩🇪 https://t.co/Z5wDiGTF0w
— Piyush Goyal (@PiyushGoyal) October 22, 2026
Drawing an analogy from India's contribution to mathematics, he highlighted the invention of zero to underline the importance of thinking beyond conventional limits.
“If our bilateral trade stood at €31.5 billion and we were able to add a zero to that figure, how would that sound?” Goyal said, expressing confidence that such a target could be achieved through alignment and coordinated action.
The minister stressed the need for businesses and stakeholders from both countries to work together and develop coherent plans to realise this ambitious vision.
His remarks underline India's intent to deepen economic engagement with Germany, one of its key European partners, and unlock new opportunities in trade, investment, technology and industrial cooperation.
As India and Germany mark 75 years of diplomatic relations, the proposed tenfold expansion of bilateral trade signals a push for a more ambitious and forward-looking economic partnership.