“They are also making new investments in the country to take advantage of India’s growth story. Several of their projects are in the pipeline, including in the areas of semiconductors, logistics, green infrastructure, technology and other such verticals,” Jaiswal said.

The PM returned from his foreign visit on Thursday, during which India signed pacts on energy, defence and critical minerals. During his visit to the United Arab Emirates (UAE) on May 15, the first leg of his visit, India signed a series of landmark pacts spanning strategic petroleum reserves, long-term liquefied petroleum gas (LPG) supply, defence and shipping, with Abu Dhabi pledging investments totalling $5 billion in India.

The PM also attended the third India-Nordic Summit in Oslo and held bilateral meetings with his counterparts from Iceland, Finland and Denmark on the margins of the summit. In Rome, the final stop of his five-nation tour, Prime Minister Modi and his Italian counterpart Giorgia Meloni set a target of increasing bilateral trade to 20 billion euros by 2029.

The highlight of the pacts signed was the commitment to deepen defence industrial cooperation, including technology partnership, design and co-production of defence equipment, particularly creating new opportunities in aerospace systems, helicopters, naval platforms, marine armament and next-generation defence technologies, MEA officials said. Discussions are also progressing on setting up a virtual trade corridor, Secretary (West) in the MEA Sibi George said.

The two sides also signed an agreement for facilitating the mobility of nurses from India to Italy. Italy is facing a shortage of healthcare professionals. The leaders also agreed to work together for early implementation of the India-Middle East-Europe Economic Corridor (IMEC), recognising its transformational potential in reshaping and promoting global trade, connectivity and prosperity. The two PMs agreed that the first IMEC ministerial meeting to take concrete steps for advancing this initiative should take place in 2026.

As for the India-Italy defence partnership, Adani Defence and Aerospace Limited and Italy’s Leonardo SpA (formerly Finmeccanica) have announced a partnership for procurement and indigenisation of helicopters and pilot training, George said. The Indian Navy is acquiring Black Shark torpedoes from Fincantieri-WASS. Leonardo is discussing a proposal for a joint venture with Bharat Heavy Electricals Limited (BHEL) for enhancing the supply of super rapid gun mounts and local production in India, George said.

Addressing a press conference at the Bharatiya Janata Party’s national headquarters in New Delhi on Thursday afternoon, Union Commerce and Industry Minister Piyush Goyal said as many as “57 outcomes” resulted from the PM’s five-nation tour. He said the visit will strengthen India’s semiconductor mission, energy security, defence manufacturing and exports.

India leveraged three of the free trade agreements that it has signed, including those with the UAE, the four-nation European Free Trade Association (EFTA) and the European Union, Goyal said. “The PM’s visit has opened up several avenues for our exporters and laid the foundation for significant investments into India,” Goyal said.

The minister said Congress leader Rahul Gandhi’s criticism of the PM’s tour should be seen in the context of Gandhi’s “frustration and anger” at losing elections repeatedly. Goyal said the PM has been conferred with 32 honours by countries and international organisations, and is the only world leader to receive so many honours, including from Islamic countries such as the UAE, Saudi Arabia and Bahrain.

Goyal said the PM has also defended the interests of India’s farmers, with the government not reducing the subsidy on fertilisers since 2014.