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India-Rus Trade Agreement: Expect historical business progress between the two countries. This agreement can prove to be a decisive turn for India’s economic future.
India-US Trade Agreement: Regarding the proposed trade agreement between India and the US, the 16th Finance Commission Chairman and well-known economist Arvind Panagariya has said that this agreement will prove to be a “big support” for India. He has described it as a step of making India a more attractive destination for foreign investors, which will open the way for widespread liberalization in the country.
Indo-US trade agreement will become a game changer
Panagariya said during an event at the Indian Consulate in New York that the Indo-US trade agreement will not only increase investment, but it will give India directly and easy to reach American and European markets. He said that trade agreements with the US and European Union can give India an important place in the global supply chain.
Steps towards tariff reduction and economic liberalization
Panagariya said that under this agreement, India will have to reduce its import duty (tariff), which will lead to real economic liberalization. He called it a rain of opportunities for India, which will take the country towards competitive and open market.
India will be the focal point for investors
After the agreement, India will get better access to big markets like America and Europe. This will make India a major center for global investors as bottlenecks like customs will be reduced. This will improve India’s economic credibility and investment environment.
Growing steps towards ‘Vicky India’
Panagariya also mentioned the ‘Vikasit Bharat 2047’ target and said that if India continued to grow at an annual rate of 7.8%, then the dream of becoming a developed country till 2047 could be realized. He described India’s rapidly growing digital and physical infrastructure, youth population and savings rate as India’s strength.
India leads to becoming the third largest economy
India is currently the fifth largest economy in the world and Panagariya said that in view of the current growth rate, India can become the third largest economy by beating Japan and Germany in the next three years.
The Indo-US trade agreement will not only become a source of investment attraction for India, but it will also open a new chapter in international business relations. This will give India a strong place in the global supply chain and the dream of ‘Vikasit Bharat 2047’ will be seen and realized. According to Arvind Panagariya, this agreement can prove to be a decisive turn for India’s economic future.
