Investment of 8 lakh crores may come to India soon, the country is eyeing EFTA trade

India EFTA trade: India is rapidly striving to give a new direction to its economy. Under the steps being taken by the government, continuous efforts are being made to make India a major hub of global investment. Recently, Prime Minister Narendra Modi made a statement in Germany that India is the best place for investment in today's time. In this episode, India's Commerce Secretary Sunil Barthwal visited Norway and took concrete steps to speed up the Trade and Economic Partnership Agreement (TEPA).

TEPA Agreement: Objective and Importance

Sunil Barthwal's visit to Norway was specifically aimed at strengthening trade relations with the European Free Trade Association (EFTA). EFTA includes Iceland, Liechtenstein, Norway and Switzerland. The TEPA agreement between India and EFTA countries was signed in March 2024. This agreement provides Indian products access to 99.6% of EFTA's market, opening up new opportunities for Indian industries. In addition, the agreement provides tariff concessions on non-agricultural and processed agricultural goods.

In return, India has agreed to open 82.7% of its tariff lines to EFTA countries, which is an important trade move. Through this agreement, an important link has been added towards access to large markets for Indian products.

Early implementation of TEPA

During his visit to Norway, Barthwal met several senior officials, including Tomas Norvol, State Secretary of the Norwegian Ministry of Trade, Industry and Fisheries. In these meetings, discussions were held on promoting Indian exports and early implementation of TEPA. Barthwal also met members of the Norwegian Parliament and outlined the benefits of this agreement and told them about the rapidly growing state of the Indian economy. He told that India is moving towards becoming the third largest economy in the world in the next 3-4 years.

Self-reliant India will get new strength

The TEPA agreement will play an important role in strengthening India's Make in India and Self-reliant India campaign. This agreement will attract huge investments in sectors such as infrastructure, manufacturing, pharmaceuticals, chemicals, food processing, transport, banking and financial services. The ministry believes that this agreement will create millions of jobs in India in the next 15 years and improve vocational and technical training.

In addition, this agreement will provide India access to global technologies in renewable energy, health sciences and research, which is extremely important for the overall development process of the country.

Conclusion

This agreement is the beginning of a new economic era for India, which will make the country a hub of global investment as well as further strengthen its economic position. The TEPA agreement will not only improve trade relations but will also help in creating a place in the global market for India's indigenous products and services. This agreement can prove to be a milestone in the development of the country, which will help in realizing the dream of self-reliant India.