'India-EU trade deal shows future is bright, opens big market': PM Modi ahead of Economic Survey

Finance Minister Nirmala Sitharaman is set to table the Economic Survey in Parliament on January 29, ahead of the Union Budget presentation on February 1.

Prime Minister Narendra Modi on Thursday addressed the nation ahead of the Economic Survey and hailed the "mother of all deal" with the European Union (EU).

During his addressing, PM Modi said, "At the very beginning of this quarter, the India–European Union Free Trade Agreement reflects how bright the coming direction is and how promising the future of India's youth is. This is free trade for an ambitious India, for aspirational youth, and for a self-reliant India. I am confident that Indian manufacturers, in particular, will use this opportunity to enhance their capabilities."

"India-EU mother of all deals opens big market. We are on board the reform express and it is gaining speed," PM Modi said.

Setting the agenda for the Budget Session, PM Modi said, "This government has been identified with Reform, Perform, and Transform. And now we have boarded the reform express. I also express my gratitude to all my colleagues in Parliament, who are contributing their positive energy to accelerate this reform express. Because of their support, the reform express continues to gain momentum. The country is now moving beyond long-term pending problems and is firmly stepping onto the path of long-term solutions."

He added, "1/4 of the 21st century has gone by. This is the beginning of the next quarter. To attain the goal of Viksit Bharat 2047, the important phase of these 25 years has begun. The first Budget of this second quarter of the century is about to be presented."

"Finance Minister Nirmala Sitharaman is the first FM of the country, the first woman FM of the country who is presenting the Budget in the Parliament for the 9th consecutive time. This is registered as a proud moment in the Parliamentary history of the country," the prime minister said.

India-EU sign Free Trade Agreement

“Mother of all” agreements is how the newly announced trade deal between India and the European Union (EU) is being branded, bringing international attention to the same which is expected to create a market of two billion people and account for nearly a fourth of global GDP (GDP) gross domestic product.

The trade deal slashes tariffs on almost 97 per cent of EU exports entering India. Benefitting the Indian exporters, the FTA allows preferential access to 97 per cent of tariff lines for goods from India in the EU markets, covering 99.5 per cent of the trade value.

The signing of India-EU free trade agreement (FTA) was confirmed by Prime Minister Narendra Modi on Tuesday during EU Commission President Ursula Von der Leyen's two-day India visit.