Commercial Representative

Shri Mahesh Chand Giri, Consul 

E-mail: com1[dot]milan[@]mea[got]gov[dot]in

Commercial Section email: enquiries[dot]milan[at]mea[dot]gov[dot]in

Tel:  0039-02-8057691

Trade and Economic Relations

Italy is India's 4th largest trading partner in the EU. The bilateral trade between India and Italy has been growing strongly in the last three years following the economic recovery post Covid-19 pandemic.

The bilateral trade between India and Italy registered at Euro 14.37 billion in 2024. The exports from India to Italy reached Euro 9.02 billion, a decrease of -1.9% compared to the previous year 2023.

In the year 2025 bilateral trade between India and Italy registered at Euro 14.25 billion. The exports from India to Italy reached Euro 8.55 billion. During 2025, India's imports from Italy was Euro 5.70 billion. The balance of trade remains in India's favor with Euro 2.84 billion. Balance of trade has been in India's favor since 1988.

Italy ranks 19th in terms of FDI inflows into India during April 2000 to September 2025 which stand at US $ 3.66 bn (Source: DGFT). The top sectors attracting FDI are: Automobile (29.8%), Trading (17.1%), Industrial Machinery (5.6%), Services (5.1%), Electrical Equipment (4.6%). The total Indian investments to Italy amount to Euro 360 million. Italian investments in India have exceeded 500 million euros in first six months of 2025. Sparkle (TIM Group) has expanded its operations in India through a strategic partnership with Airtel, in parallel with the activation of the Blue-Raman submarine cable, with an initial capacity of over 25 Tbps.

More than 700 Italian companies are already present in India on sectors such as fashion and garments, textile and textile machinery, automotive and automotive components, infrastructure, chemicals, energy, confectionery, insurance, etc.

Indian companies in Italy are mainly in IT, electronics and engineering sectors: Titagarh Industries, TCS, Mahindra, Ranbaxy, Zydus Cadila, Himatsingka Seide, Varroc Group, Endurance Technologies, Gammon, Aditya Birla, Sun Pharma etc.

The top items of exports from India to Italy are:

electrical machinery, iron and steel, organic chemicals, boilers, machinery and mechanical appliances, mineral fuels, vehicles, coffee, tea, mate and spices, natural or cultured pearls, precious or semiprecious stones, precious metals, imitation jewelry, articles of iron or steel, articles of apparel and clothing accessories, aluminum, plastics, fish and crustaceans, mollusks, rubber, article of leather, dyes and pigments, footwear, textile articles, pharmaceutical products, cotton, medical or surgical instruments, plastering materials, miscellaneous chemical products.

Principal items of India's imports from Italy:

boilers, machinery and mechanical appliances, electrical machinery and equipment and parts, organic chemicals, medical or surgical instruments, plastics, iron and steel, miscellaneous chemical products, vehicles, natural or cultured pearls, precious or semiprecious stones, precious metals, imitation jewelry, furniture, iron and steel, dyes and pigments, aluminum, wood, copper, plastering materials, rubber, leather, pharmaceutical products, essential oils, perfumery, cosmetics preparation

Future prospects for investment and trade are encouraging, as India is increasingly being seen as an emerging economy in the world and an important economic partner in Asia, both in terms of trade and investment, as well as in market size.

SIMEST (Italian Society for Mixed Enterprises Abroad) presented the Strategic Support for the Indian Market" measure operational from 16 September 2025. Starting from September 2025 , Italian companies intending to expand or consolidate their presence in the Indian market can take advantage of the new "Strategic Support for the Indian Market" measure. The initiative, implemented in collaboration with the Italian Ministry of Foreign Affairs and International Cooperation aims to strengthen the international competitiveness of Italian companies, both exporters and non-exporters , with a strategic interest in India. The goal is to support investments in India, particularly by supporting production, commercial, technological innovation , and personnel training activities.

Bilateral and multilateral Free Trade Agreements (FTAs) constitute a key pillar of India's trade strategy, designed to expand trade and investment through enhanced market access, greater trade in services, reduction of non-tariff barriers, promotion of investment, and strengthened economic and technical cooperation. By leveraging trade complementarities, these agreements boost export potential, create new opportunities for industry and farmers, and generate employment across sectors.

In January 2026 India concluded the negotiation with European Union for the India-EU Free Trade Agreement (FTA). Hailed as the Mother of All Deals, this agreement aims to address contemporary global economic challenges while enabling deeper market integration between the two major economies. The agreement will provide preferential access across 97% of EU tariff lines, covering 99.5% of trade value, while preserving policy flexibility for sensitive sectors and supporting India's developmental priorities.

The 70.4% of tariff lines, accounting for 90.7% of India's exports, will see immediate duty elimination, benefiting labour-intensive sectors such as textiles, leather and footwear, tea, coffee, spices, sports goods, toys, gems and jewellery, and selected marine products. The EU has extended commitments across 144 subsectors, including IT/ITeS, professional, education, and business services, providing Indian service providers a stable environment to expand exports and support innovation, productivity and business growth across both economies.

I. Indo-Italian trade

II. Italian global trade (with Indian share)

Bilateral visits:

2026

• February 2026: Italy's Minister of Industry, Adolfo Urso, visited New Delhi in February 2026 to represent Italy at the AI Impact Summit, joining the inaugural session alongside Indian Prime Minister Narendra Modi. He held a bilateral meeting with India's Minister of Electronics and Information Techonology Mr. Ashiwini Vaishnaw, with discussions focused on ethical and sustainable AI, safety and reliability of AI systems, and expanding scientific and industrial cooperation. The visit reinforced the growing momentum in India-Italy bilateral ties on digital and industrial cooperation, building on the framework of the Joint Strategic Action Plan 2025-29.

2025

• December 25: Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Hon'ble Antonio Tajani, visited India on 10-11 December. The visit took place within the framework of the Strategic Partnership launched in 2023 and the Joint Strategic Action Plan 2025-2029 adopted in November 2024 by Prime Minister Meloni and Prime Minister Modi. In New Delhi, Hon'ble Minister Tajani held productive meetings with Hon'ble Prime Minister Narendra Modi, with Hon'ble Minister of External Affairs Subrahmanyam Jaishankar, with National Security Advisor Shri Ajit Doval, and with the Hon'ble Minister of Sports Mansukh Mandaviya. In Mumbai, he met with the Hon'ble Minister of Commerce and Industry, Piyush Goyal. Deputy Prime Minister and Foreign Minister Mr. Antonio Tajani and Commerce and Industry Minister Shri Piyush Goyal co-chaired the 3rd India Italy Business Forum in Mumbai with the overall goal to achieve 20 billion in bilateral trade by 2029.
• October 25: Italian Deputy Minister of Infrastructure and Transport Mr. Edoardo Rixi visited India from October 28- 29, 2025 to strengthen bilateral cooperation in the strategic sectors of mobility, infrastructure, and sustainable urban development. In New Delhi, Rixi met Minister of State for Housing & Urban Affairs Tokhan Sahu, Minister of State for Road Transport and Highways, Harsh Malhotra and Minister of State for Railways Ravneet Singh, to discuss cooperation and potential for industrial and technological synergies. In Mumbai Deputy Minister participated in the Indian Maritime Week where he met Indian Minister of Ports and Shipping, Sarbananda Sonowal, to discuss cooperation in the maritime and logistics sectors through joint projects for the development of ports, integrated logistics, and supply chain security along the IMEC Corridor. Rixi attended the Leaders' Conclave as a keynote speaker on transnational connectivity. He also presented the "Italy 2032" plan, supported by over 200 billion in investments, which aims to modernize infrastructure and strengthen connections between Asia and Europe.
• June 25: Minister Piyush Goyal visited Italy to co-chair the 22nd India-Italy Joint Commission for Economic Cooperation (JCEC) with Italian Deputy PM/Foreign Minister Antonio Tajani.

They reviewed progress under the new Joint Strategic Action Plan 2025-29 and agreed on deeper cooperation in Industry 4.0, digitalization, sustainable mobility, space, agritech, energy transition, and connectivity (including the IMEEC corridor). The visit also included an India-Italy Growth Forum in Brescia, where about 800 Italian companies participated and 80 Indian companies, and Indian firms explored partnerships in innovation and sustainability

• May 25: Finance Minister Nirmala Sitharaman led India's delegation to the ADB Annual Meeting in Milan. On the sidelines, she held bilateral talks with Italian Finance Minister Giancarlo Giorgetti, discussing ways to boost two-way investment and cooperation in finance and multilateral development
• April 25: India's President Droupadi Murmu visited Rome, Italy, in April 2025 to attend the state funeral of Pope Francis.
• April 25: A high-level Plenary Session was held in New Delhi as part of the Italy-India Business, Science & Technology Forum. The session was attended by H.E. Antonio Tajani, H.E. Anna Maria Bernini, Hon'ble Minister Shri Piyush Goyal, and Hon'ble Minister Dr. S. Jaishankar.

2024

• November 24: External Affairs Minister Dr. S. Jaishankar visited Italy to attend the G7 Foreign Ministers Meeting in Fiuggi. He held bilateral discussions with Foreign Minister Antonio Tajani and inaugurated the new premises of the Indian Embassy's chancery in Rome.
• June 24: PM Modi met PM Meloni in Apulia, Italy, for the G7 Summit. PM Meloni congratulated PM for his third consecutive term as Prime Minister.

2023

• November 23: External Affairs Minister of India (EAM), Dr. S. Jaishankar visited Italy from 02- 03 November 2023, his first bilateral visit to Italy. EAM and FM Tajani reviewed the Strategic Partnership. Both sides signed agreements on Migration and Mobility Partnership, and Executive Programme on Cultural Cooperation for the period 2023-27.
• September 23: Italian Prime Minister Giorgia Meloni visited India to attend G20 Summit in New Delhi. Bilateral meeting was held between PM Meloni and H.E. Prime Minister Narendra Modi.
• June 23: Minister of State for Textiles and Railways (MoSTR), Smt Darshana Jardosh, visited Italy

to participate in Integrated Textile and Garment Manufacturing Value Chain (ITMA) 2023 along with a business delegation.

• April 23: Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles of India, Mr. Piyush Goyal visited Rome and met with Deputy Prime Minister of Italy, Mr. Antonio Tajani. Minister Shri Piyush Goyal co-chaired with Minister Mr. Antonio Tajani a high level CEO interaction. The visit was focused to carry forward the momentum generated by the leaderships of both the countries. Both countries have committed to strengthen their cooperation in sectors such as agriculture, renewable energy, automotive, space, defence, IT and ITeS etc.
• March 23: Italian Prime Minister Giorgia Meloni held a Bilateral Meeting with Prime Minister Modi during her state visit to India where she was also the Chief Guest at the 8th Raisina Dialogue; the first such visit by an Italian Prime Minister in 5 years. Both sides agreed to collaborate in cyber security, innovation, defence, outer space, green economy, energy security and transition, defence co-production and co-innovation, blue economy. The two Prime Ministers announced the elevation of bilateral relationship to Strategic Partnership and launched the India-Italy Startup Bridge
• March 23: India-Italy Business Roundtable co-chaired by Deputy Prime Minister of Italy, Mr. Antonio Tajani and Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles of India, Mr. Piyush Goyal (HCIM).
• March 23: A Business Roundtable was organized by DPIIT, in collaboration with Embassy of Italy in India and Invest India, co-chaired by the two ministers and industry players discussed on furthering collaboration in energy transition, electric mobility, infrastructure connectivity, defence manufacturing, telecom, textiles, food processing and start-ups and innovation.
• December 23: The Union Cabinet approved a Memorandum of Understanding (MoU) between India and Italy for Cooperation in the field of Industrial Property Rights.

Italy is India's 4th largest trading partner in EU, after Germany, Belgium and The Netherlands. The bilateral trade between India and Italy has been growing strongly in the last three years following the economic recovery post Covid-19 pandemic. The bilateral trade in 2021 had jumped to 10.49 billion with an increase of +44.41% from previous year. Total trade in the year 2022 reached an all time high of 14.88 billion and in 2023 reached 14.34 billion.

Updated on 17 July 2026