Bilateral trade between India and France in the financial year 2023-24 amounted to USD 15 billion, with Indian exports at approximately USD 7 billion and imports around USD 8 billion. However, Commerce and Industry Minister Piyush Goyal described this trade volume as “quite sub-optimal” and urged both nations to aim higher.
Addressing the annual conference of French Foreign Trade Commissioners for the Asia-Pacific region, attended by French CEOs and business leaders, Goyal emphasised the untapped potential in sectors like agriculture and food processing, renewable energy, aerospace and defence, automobiles and EVs, and digital technology.
“Bilateral trade is quite sub-optimal, given the strength of our two economies—something we should collectively aspire to grow much bigger, much better, much faster,” Goyal remarked. He highlighted the mutual trust between India and France as a foundation for stronger collaboration, encouraging investments, service partnerships, and global capability centres leveraging Indian talent.
Currently celebrating 75 years of diplomatic ties and 25 years of strategic partnership, India and France have significant room for growth. France ranks as India’s 11th largest foreign direct investor, a status Goyal believes can be elevated with a focus on the burgeoning Indian market, particularly in aviation and defence.
“The Indian aviation market is poised to be the world’s largest demand aggregator for airplanes over the next three decades,” Goyal said, citing the country’s current order for nearly 1,500 planes with potential expansion to 2,000. He urged French firms to explore manufacturing and sales opportunities in India for aircraft, spare parts, and maintenance, repair, and overhaul (MRO) services.
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Goyal also noted India’s infrastructure strides, with airports increasing from 74 in 2014 to 125 now, and plans to add 75 more by 2029, underscoring the expanding demand for aviation-related investments.
The call for deeper engagement comes as both nations aim to harness their complementary strengths and enhance their strategic and economic partnership.