Prime Minister Narendra Modi on Thursday stated that India's recent trade deals have positioned the country as a major participant in the global economy. Significant nations have expressed interest in enhancing their commercial bonds with India.
In reference to trade deals made with both the European Union (EU) and the United States (US), PM Modi expressed that these trade agreements will greatly increase global faith in India's course of action.
While replying to a Motion of Thanks to the Presidents address in the Rajya Sabha on the Budget Session of the Parliament, the Prime Minister also stated that countries around the world are "openly welcoming" India's new generation of trade agreements.
Also Read | Bharat Taxi launched in India; here's how it's different from Ola and Uber
"When the trade deal with the European Union took place, the world became more confident of stability. After the trade deal with the US, the world has still more confidence... It is a good sign for the world," Modi said.
'Major nations eager to make pacts with India'
"Major nations across the world are eager to build trade partnerships with India. Be it the trade agreement with the European Union or the recent trade deal with the United States..., Piyush (Goyal) ji provided detailed information on this in the House yesterday. The entire world is openly welcoming these trade deals," he told the House.
According to him, India's capacity to attract large numbers of foreign partners indicates an increasing degree of confidence in India's policy framework and long-term economic outlook. India has transitioned beyond being perceived as merely a large market into an ideal future-oriented economic partner, he maintained.
The Prime Minister highlighted the fact that India has entered into trade relations with nine significant economies, including "the mother of all deals" with the European Union, consisting of 27 countries.
Also Read | India masters SFDR missile technology, joins elite club alongside US, Russia, China and France
He said that such arrangements are intended to achieve future preparedness, aligning with global supply chains and changing realities across various sectors.
'Greatest beneficiaries will be youth'
"The greatest beneficiaries of this (trade deals) will be the youth of our country. And when I speak of youth, I mean young people from the middle class, from cities and from villages, sons as well as daughters. We should take pride in the immense capability of our nation's youth. Today, the global market has opened up for them. There are opportunities everywhere," he said.
India recently completed a major deal with the European Union, allowing zero-duty access for 99 per cent of Indian exports, including textiles and gems. At the same time, a significant trade reset with the United States will reduce reciprocal tariffs from 50 per cent to 18 per cent.
