India, Free Trade
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India is projected to add $1 trillion to its GDP every 12–18 months to 2047. With this momentum, India is targeting a $30 trillion economy by 2047.
India's economy continues to hold up against a global flux, dealing with the impact of geopolitical tensions and trade uncertainties, the Reserve Bank of India said in its monthly bulletin released on Wednesday.
The historic trade deal is expected to provide comprehensive market access for Indian goods across all sectors.
Indian auto industry praises India-UK FTA for boosting global economic engagement, providing market access for car makers.
The India-UK Free Trade Agreement (FTA) or the Comprehensive Economic and Trade Agreement (CETA) seeks to enhance bilateral trade by around USD 34 billion annually, besides ensuring better market access.
Sunil Bharti Mittal, Chairman of Bharti Enterprises, endorses the India-UK Free Trade Agreement, which allows UK firms in India's Government Procurement space. Through this, Indian MSMEs will benefit as UK firms must establish local manufacturing units.
India’s economy remained largely resilient despite global uncertainties, due to a robust agricultural season, strong momentum in the services sector and modest industrial growth, the Reserve Bank of India said in its monthly bulletin.
India's sustained economic growth makes it an "anchor of stability” for the world, which needs new engines of growth and development models that can be scaled and shared.
India’s economy was worth $3.7 trillion in 2023, making it the world’s fifth largest, having jumped four spots in the rankings during Modi’s decade in office.