India set to sign multiple free trade agreements

India is likely to sign several Free Trade Agreements (FTAs) soon, as announced by Sanjiv Puri, the president of the Confederation of Indian Industry (CII). He spoke at a CII conference in Kolkata on Wednesday, emphasizing the importance of these agreements despite global political challenges. Puri expressed optimism about India reaching a trade agreement with the United States. He believes this deal could reduce tariffs and create more market opportunities. He pointed out that around 70% of global trade depends on value chains, which means the current customs tariff structures need to be improved. One significant FTA under discussion is with the European Union, which has been in talks for over two decades. Puri hopes that this year will see progress on various FTAs. In addition to trade agreements, Puri called for 6% of India's GDP to be spent on education. He noted that to achieve an annual growth rate of 8%, all sectors—including agriculture, services, and manufacturing—need to be activated. India's current growth rate is projected at 6.5%, which Puri views as reasonable given the current geopolitical climate. He also mentioned that India plays a key role as a hub for Global Capability Centres (GCCs), hosting about 40% of these centres and is well-positioned for growth.