New Delhi, October 11 (IANS). Former Reserve Bank of India Governor Shaktikanta Das said on Saturday that India is demonstrating strength amid global uncertainty and a fragmented trading system.
Delivering the 85th Kale Memorial Lecture at the Gokhale Institute in Pune, he said the pandemic, geopolitical conflicts and supply chain vulnerabilities have disrupted long-standing globalization norms and cost-based trade principles, pushing nations towards self-reliance and regional trade agreements.
“Under Atmanirbhar Bharat, India has faced global challenges on the back of structural reforms, domestic demand and prudent macro policies and is poised to contribute nearly one-fifth of global gross domestic product (GDP) growth,” he said.
Addressing the gathering, Das said, “India is also actively reshaping its trade relations to keep pace with the changing global order. India is a signatory to 14 free trade agreements (FTAs) and six PTAs, with the UK, Australia and UAE being the latest FTAs to join.”
Additionally, European Free Trade Association members – Iceland, Liechtenstein, Norway, Switzerland and India have signed a Comprehensive Trade and Economic Partnership Agreement in March 2024.
Currently, India is negotiating free trade agreements with the US, EU, Peru, Oman, New Zealand and many other countries.
“The underlying priority of our trade negotiations is to ensure a fair and balanced agreement in the best interests of our nation and people,” he said.
Amid such a changing global order, it will be important to focus on strong infrastructure that underpins the Indian economy and structural reforms that strengthen these infrastructures.
“These factors have enabled India to thrive in a turbulent world order,” the former RBI governor said.
India is rapidly emerging as an economic superpower and is projected to become the fourth largest global economy in 2025 and the third largest economy in 2028, due to domestic reforms and a strong global position under the vision of self-reliant India.
Das said that at a broader regional level, India’s manufacturing sector has grown at an average rate of 5.9 per cent over the last decade.
–IANS
SKT/