President Droupadi Murmu praised the signing of a free trade deal with the European Union, describing it as a significant move that will boost India’s manufacturing and services industries and provide young people with new job prospects. Speaking to a joint session of Parliament at the beginning of the Budget session, the President stated that the agreement shows how India’s economy has grown over the last ten years. She pointed out that India has maintained its position as the fastest-growing major economy in spite of numerous global upheavals.
“I extend my congratulations to all citizens on the successful conclusion of negotiations for a free trade agreement with the European Union. It will boost India’s industrial and service industries and open up new job prospects for the country’s youth”, according to Murmu. She also emphasized advancements in macroeconomic stability, stating that India has improved its track record of controlling inflation, which directly benefits the middle class and the impoverished. “Citizens’ income, savings, and purchasing power have all improved as a result of my government’s policies,” she stated. The historic free trade agreement, dubbed the “mother of all deals,” was signed by India and the European Union.
With a five-year plan centered on trade, defense, and collaboration to maintain a rules-based global order, the accord seeks to develop a market of around two billion people. In addition to the trade agreement, the two parties signed agreements on defense and security cooperation as well as on promoting Indian talent mobility to Europe. During a period of tense transatlantic relations with the United States, Prime Minister Narendra Modi hosted summit-level negotiations with European Commission President Ursula von der Leyen and European Council President Antonio Costa to finalize the deals.
