NewKerala.com

India-EU FTA to Boost Textiles, Create Jobs: Raymond MD

The Managing Director of Raymond Group, Gautam Singhania, states that a proposed India-EU Free Trade Agreement, particularly with zero duty on textiles, would significantly boost employment and industrial growth. He highlights that duty-free access to the EU market benefits the broader economy and could strengthen India's position in future trade talks with the US. The announcement of the concluded FTA negotiations is anticipated at the upcoming India-EU summit on January 27. Singhania also praised the investment outcomes from the recent World Economic Forum in Davos, describing them as foundational for India's economic momentum.

Key Points: India-EU FTA to Boost Textiles Industry & Jobs

  • FTA could boost textiles employment
  • Strengthen India's position for US trade talks
  • EU President attends Republic Day
  • Investment deals from Davos praised
  • Announcement expected at Jan 27 summit
2 min read

India-EU FTA to boost textiles industry, generate more jobs: Raymond Group MD Gautam Singhania

Raymond MD Gautam Singhania says India-EU Free Trade Agreement with zero duty on textiles will boost employment and industrial growth significantly.

"Zero duty on textiles will be very good for the industry and from an employment point of view as well. - Gautam Singhania"

New Delhi, January 26

The proposed India-European Union Free Trade Agreement, particularly negotiations around zero duty on textiles, could deliver a significant boost to employment and industrial growth, Raymond Group Managing Director Gautam Singhania said on Monday.

"Textiles remain among the largest employers in the country and a duty-free access to the EU market would be beneficial not only for the sector but also for the broader economy," Singhania said.

He added that a favourable agreement with the EU could also strengthen India's position in future trade negotiations with the United States.

"Zero duty on textiles will be very good for the industry and from an employment point of view as well. A strong deal with the EU could be a significant step," Singhania said.

EU President Ursula von der Leyen is in New Delhi, where she attended the Republic Day celebrations as a Chief Guest.

In a social media post on X, von der Leyen said, "It is the honor of a lifetime to be Chief Guests at the Republic Day celebrations. A successful India makes the world more stable, prosperous and secure. And we all benefit."

New Delhi and Brussels are likely to announce the conclusion of negotiations on the much-awaited free trade agreement at the India-EU summit on January 27.

Leaders from both the sides are expected to adopt a joint EU-India comprehensive strategic agenda to reinforce the strategic partnership and deepen cooperation, which delivers stability and prosperity at home and beyond.

Commenting on the investment agreements signed at the World Economic Forum (WEF) in Davos, Singhania said the Chief Minister's efforts had yielded strong outcomes for the state. He described the number of Memoranda of Understanding (MoUs) signed as "phenomenal" and said these commitments would support long-term growth.

"What the Chief Minister has done at Davos is very good. There have been many agreements for the state, and India has also signed several important agreements. This will go a long way in the progress of India," he said.

On the upcoming Union Budget, Singhania refrained from offering detailed expectations, stating that he was not the appropriate person to comment on budgetary matters. However, he expressed optimism that recent trade deals and investment commitments would provide a strong foundation for India's economic momentum.

- ANI

Share this article:

Reader Comments

R
Rohit P
Good step, but we need to ensure the benefits reach the small and medium enterprises and the weavers, not just the big players like Raymond. The government must have a clear plan for inclusive growth.
A
Aman W
Von der Leyen's presence as Chief Guest on Republic Day and this potential FTA signal a strong India-EU partnership. A strategic win for 'Make in India'. The momentum from Davos MoUs is also very encouraging.
S
Sarah B
As someone who follows trade policy, this is a crucial deal. It's not just about textiles; it strengthens India's hand for future talks with the US. The comprehensive strategic agenda is key for long-term stability.
K
Karthik V
Hope this translates to better prices for our cotton farmers and more stable incomes for karigars. The industry must also focus on sustainable and ethical manufacturing to truly compete in the European market.
N
Nikhil C
Singhania is right to be optimistic, but let's be practical. These deals take time to show results on the ground. The budget needs to support this sector with infrastructure and easier credit, especially for MSMEs.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50