Speaking in New Delhi, ahead of meetings with the European Union leaders, Prime Minister Narendra Modi highlighted a major development.

He noted that just yesterday, a significant agreement was signed between India and the European Union, which people across the world are calling the “mother of all deals.”

The EU-India FTA conclusion marks the end of a two-decade-old process, after talks were first launched in 2007. With bilateral trade already crossing $136 billion, it is said to be “one of the biggest” bilateral deals in the world.

The India-EU free trade agreement represents nearly 25 percent of global GDP and is about one-third of global trade. It will complement the agreements with Britain and EFTA, thereby reinforcing both trade and global supply chains.

At 01:50 PM, Nifty 50 was trading in the green, while Nifty Oil & Gas was trading 0.34 percent higher.

Sectors

The Prime Minister conveyed his best wishes to those engaged in sectors such as textiles, gems and jewellery, leather, and footwear, noting that the agreement will prove highly beneficial for them, as per an update from the Press Information Bureau (PIB).

He added that the deal will not only boost manufacturing in India but also expand the services sector further. Moreover, he affirmed that it will strengthen global business and investor confidence in India.

Oil & Gas

The Prime Minister highlighted that India has significantly opened up its exploration sector and referred to the deep-sea exploration initiative known as the Samudra Manthan Mission.

He stated that by the end of this decade, India aims to raise investments in the oil and gas sector to 100 billion dollars, with a target of expanding the scope of exploration to one million square kilometres. More than 170 blocks have already been awarded, and the Andaman and Nicobar basin is emerging as the next hydrocarbon hope.

He remarked that India possesses a very large refining capacity and currently ranks second in the world with around 260 MMT per annum.

LNG demand in India is continuously rising, and the country has set a target to meet 15 percent of its total energy demand through LNG.
He underlined that India is now moving beyond energy security towards the mission of energy independence.