President Droupadi Murmu on January 28 welcomed the conclusion of a free trade agreement (FTA) with the European Union, describing it as a significant step towards boosting India’s manufacturing and services sectors and creating new employment opportunities for the country’s youth.
Addressing a joint sitting of Parliament at the start of the Budget session, the President said the agreement reflected the growing strength and resilience of India’s economy over the past decade. She noted that despite repeated global disruptions, India has continued to remain the world’s fastest-growing major economy.
“I congratulate all citizens on the successful conclusion of negotiations for a free trade agreement with the European Union. This agreement will provide momentum to the manufacturing and service sectors in India and create new employment opportunities for our youth,” Murmu said in her address.
The President also underlined improvements in macroeconomic stability, saying the government has strengthened its record of keeping inflation under control, directly benefiting the poor and the middle class. “Due to the policies of my government, citizens’ incomes have increased, their savings have grown and their purchasing power has improved,” she said.
India and the European Union formally sealed the landmark FTA on Tuesday, calling it the “mother of all deals”. The agreement is expected to create a combined market of nearly two billion people and is built around a five-year agenda covering trade, defence cooperation and efforts to uphold a rules-based global order.
In addition to the trade pact, the two sides signed agreements on security and defence cooperation, as well as on facilitating the mobility of Indian talent to Europe. The deals were finalised during summit-level talks hosted by Prime Minister Narendra Modi with European Commission President Ursula von der Leyen and European Council President Antonio Costa, amid strained transatlantic ties with the United States.