Commerce and Industry Minister Piyush Goyal has called for deeper collaboration between India and France, particularly in the fields of aerospace, electric vehicles (EVs), and renewable energy, highlighting the mutual benefits these partnerships could bring. Speaking at the Asia Pacific Commission (APAC) 2024 Forum, organised by the French Foreign Trade Advisors, Goyal emphasised that adopting sustainable practices in these industries could play a crucial role in mitigating the adverse effects of climate change globally.
The bilateral trade between India and France reached an impressive $15 billion in 2023-24, with Indian exports standing at $7 billion and imports at $8 billion. These figures indicate the growing economic interdependence between the two nations, a relationship that Goyal believes could be further enhanced with strategic cooperation in key sectors such as aerospace, EVs, agriculture, and food processing. France, currently the 11th largest foreign direct investor in India, has established a robust presence with over 750 French companies operating in the country. At the same time, around 70 Indian companies are actively involved in the French market. Goyal stressed that India is poised to become the world’s largest aviation market, with over 1,500 aircraft already on order and the potential to increase this to 2,000. This growing demand for air travel presents significant opportunities for French aerospace companies to set up manufacturing units in India, he said.
In addition to aerospace, Goyal pointed out the promising potential for collaboration in the electric vehicle sector, particularly given India’s large base of first-time vehicle owners. With the right sustainable options, these consumers could be seamlessly integrated into the EV ecosystem. He also proposed that the two countries co-innovate technologies in this space, allowing for mutual growth and development. Highlighting the success of the International Solar Alliance (ISA), co-founded by India and France, Goyal reinforced their shared commitment to renewable energy. The ISA now has more than 100 countries as members, underscoring the global impact of this initiative. On digital technology, Goyal identified cybersecurity, artificial intelligence (AI), e-commerce, and quantum technologies as areas ripe for collaboration between Indian and French startups.
The minister also advocated for stronger ties in the defence sector, where India’s patent-protected regime offers unique opportunities. Notably, India does not require technology transfers, which can often be a barrier in defence collaborations. Instead, Goyal suggested, both nations could focus on joint innovation, ensuring a sustainable and independent growth model. From a broader perspective, the deepening India-France partnership could play a pivotal role in advancing the global sustainability agenda. With France’s expertise in technology and innovation and India’s large-scale manufacturing capabilities, the collaboration has the potential to drive forward not only economic growth but also environmental sustainability. The people of both nations stand to benefit from this shared vision, as sustainable mobility solutions and greener energy alternatives become integral to daily life.
