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The proposed India-European Union (EU) Free Trade Agreement (FTA), particularly negotiations around zero duty on textiles, could deliver a significant boost to employment and industrial growth, Raymond Group Managing Director Gautam Singhania said on Monday.
"Textiles remain among the largest employers in the country and a duty-free access to the EU market would be beneficial not only for the sector but also for the broader economy," Singhania said. He added that a favourable agreement with the EU could also strengthen India's position in future trade negotiations with the United States. "Zero duty on textiles will be very good for the industry and from an employment point of view as well. A strong deal with the EU could be a significant step," Singhania said. EU President Ursula von der Leyen is in New Delhi, where she attended the Republic Day celebrations as a Chief Guest. In a social media post on X, von der Leyen said, "It is the honor of a lifetime to be Chief Guests at the Republic Day celebrations. A successful India makes the world more stable, prosperous and secure. And we all benefit." New Delhi and Brussels are likely to announce the conclusion of negotiations on the much-awaited free trade agreement at the India-EU summit on January 27. Leaders from both the sides are expected to adopt a joint EU-India comprehensive strategic agenda to reinforce the strategic partnership and deepen cooperation, which delivers stability and prosperity at home and beyond. Commenting on the investment agreements signed at the World Economic Forum (WEF) in Davos, Singhania said the Chief Minister's efforts had yielded strong outcomes for the state. He described the number of Memoranda of Understanding (MoUs) signed as "phenomenal" and said these commitments would support long-term growth. "What the Chief Minister has done at Davos is very good. There have been many agreements for the state, and India has also signed several important agreements. This will go a long way in the progress of India," he said. On the upcoming Union Budget, Singhania refrained from offering detailed expectations, stating that he was not the appropriate person to comment on budgetary matters. However, he expressed optimism that recent trade deals and investment commitments would provide a strong foundation for India's economic momentum. (ANI)
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