In a major boost for Make in India, India inked a sweeping trade deal with four European nations that promises big benefits.
As part of the pact, the EFTA bloc, which includes Switzerland, Norway, Iceland, and Liechtenstein, will pour $100 billion into India over 15 years.
In return, India will slash tariffs on 95% of their industrial goods, a boon for Norwegian exporters used to 40% duties.
The deal follows recent pacts with Australia and the UAE as PM Modi aims to turbocharge exports to $1 trillion by 2030.
It features innovative provisions around IPs, gender, and sustainability. Ratification awaits, but Switzerland is targeting 2025.
While the huge India-EFTA trade imbalance may persist, experts say FDI will create opportunities. Key sectors like pharma and clean energy are set to see investment and tech upgrades.
With a general election looming and immense market potential, this new European alliance is opportune for Modi’s growth ambitions.
