Prime Minister Narendra Modi highlighted India's recent trade agreements with the EU and the U.S. as pivotal for global economic stability, emphasizing India's growing influence in the world economy. He noted that these 'future-ready' deals reflect international confidence in India's economic trajectory, positioning the nation as a key player on the global stage.

Replying to the debate on the Motion of Thanks to the President’s Address in the Rajya Sabha, Modi said India was moving steadily towards its goal of Viksit Bharat and had no reason to pause or look back.

“India does not have to look back or stop. We have to only move forward,” he said, amid sloganeering by opposition members. Future-ready trade deals gain momentum

Modi said India has signed “future-ready” trade agreements with nine major economies in recent days, reflecting growing global interest in deeper economic engagement with the country. He described the free trade agreement with the 27-nation European Union—finalised on January 27—as the “mother of all deals”.

“When the trade deal with the European Union took place, the world became more confident of stability. After the trade deal with the U.S., the world has still more confidence. This is a good sign for the world,” stated Modi.

EU FTA and US deal deliver immediate market access gains

Under the India-EU FTA, India will gain preferential access across 97% of tariff lines, covering 99.5% of the trade value, significantly improving export prospects for Indian goods and services in European markets.

Around a week later, on February 2, India announced a trade deal with the United States that resulted in immediate tariff relief. Duties on Indian exports were reduced sharply from 50% to 18%, providing near-term cost advantages to exporters. A joint statement on this is likely to be announced in the coming days.

India’s global role and political pushback

Modi reiterated that India is poised to become the world’s third-largest economy in the near future and has established itself as a trusted partner for major economies. He added that India has emerged as a leading voice of the Global South on global platforms.

Taking a swipe at the Opposition, the Prime Minister said a significant part of his government’s effort had gone into correcting past policy decisions, adding that those responsible would eventually have to account for their record.