New Delhi, February 14
Today, nearly 70 per cent of global trade markets are open to India, where preferential access has been ensured through Free Trade Agreements. This means India now receives special advantages compared to other countries. Union Commerce Minister Piyush Goyal shared this during a press conference on the #ViksitBharatBudget, highlighting that India has concluded 9 FTAs with 38 developed countries. These agreements are a key part of the plan to make India self-reliant and a developed nation by 2047.
Minister Goyal explained that India has been very careful while signing these deals to protect local interests. He noted that sensitive areas like dairy, farming, and GM foods are kept safe. At the same time, sectors that employ many people, such as textiles, leather, and electronics, are getting access to new markets. Goyal said that these deals will help businesses grow and create many new jobs.
"These 9 FTAs protect all sensitive sectors while allowing calibrated openings in areas where imports are needed. They create policy stability, clarity, and predictability, which attract large-scale investments," Goyal said.
The textile sector is expected to see a massive boost. Through these 9 agreements, markets worth nearly Rs 45 lakh crore are opening up for Indian goods. The Minister pointed out that the United States alone buys Rs 9 lakh crore worth of textiles, while the European Union buys over Rs 22 lakh crore. He encouraged Indian entrepreneurs to take advantage of these massive opportunities to increase exports.
"There are tremendous opportunities opening up for India's textile sector. I am confident that Indian entrepreneurs will take full advantage of this opportunity, capture large markets, increase exports, and generate employment," Goyal added.
On the subject of the United States, Goyal said the new trade arrangements are a major win. Tariffs on Indian goods have been slashed from 50 per cent to 18 per cent, and about half of what India sends to the US will now be duty-free. He also mentioned that if Indian exporters use cotton or yarn from the US, they can enter the American market at 0 per cent duty, similar to the benefits enjoyed by Bangladesh.
"India has received the lowest tariff rates from the US compared to other developing economy competitors. I believe this is a game changer for India's future progress and development," the Minister stated.
Farmers are also set to benefit from these global deals. With the demand for Indian textiles expected to jump, the need for raw cotton will also rise. The Minister urged cotton farmers to increase their production and improve their quality to meet this growing demand. He noted that Indian cotton products will now enter countries like the UK and New Zealand without any import duties.
"With such a large global market opening up for India, the demand for cotton in India is bound to rise significantly. I would encourage our farmers to increase cotton production and improve productivity," Goyal said.
The Minister also highlighted the role of Special Economic Zones (SEZs). He explained that under the SEZ law, businesses can import materials without paying duty, process them, and then export the finished products. This system is designed to bring in more foreign money and create even more work for Indian citizens.
"The SEZ law also specifically provides that imports can be made at 0 per cent duty, or goods can be processed and exported. This will increase employment and boost foreign exchange earnings," Goyal said.
- ANI
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