Rising Bharat Summit: PM Modi says developed nations eager to strike trade deals with India

Prime Minister Narendra Modi said India is witnessing a decisive shift in global perception, asserting that developed nations are now keen to enter into trade agreements with New Delhi because the country has shed its earlier image of economic hesitation and policy paralysis.

Addressing Network18's Rising Bharat Summit on Friday, PM Modi emphasised on India’s economic transformation and reflected on what he described as a long-standing mindset problem that held the country back even after independence.

“Imported ideology from other countries instilled the feeling of us being uneducated. Our capability was filled with doubt. We were made to feel that we are uneducated and are followers,” he said.

He added that India had for years looked outward for validation instead of trusting its own strengths. “We used to copy international techniques and wait for acceptance from the world.”

According to the Prime Minister, this psychological barrier persisted well beyond 1947. “Unfortunately, even after independence, India was unable to get out of the mindset of servitude,” he remarked.

PM Modi pointed to ongoing trade negotiations as evidence of India’s rising stature in the global economy.

“Some people are amazed by the trade deals we have struck. This is visible in the trade deal related conversations. We are surprised why developed nations are eager to strike deals with India,” he said.

He underlined that this was not accidental but a reflection of structural reforms and economic stability over the past decade.

“We are seeing the impact on discussions on trade deal, that why are developed countries eager to do trade deals with us,” he said.

Drawing a contrast with the past, Modi argued that such interest would not have been possible if India had remained economically stagnant.

“If the country was dealing with policy paralysis and was in fragile five who would have done trade deals with us,” he said.

“If India would have been under policy paralysis, no country would have done trade deal with us.”

The Prime Minister said the country has experienced a significant transformation in the last 11 years.

“The country has seen a renewed awakening over the last 11 years. India is now trying to regain its lost potential,” he stated.

He emphasised that global confidence in India stems from reforms, improved governance and economic resilience.

“The developed countries are now coming forth to strike trade deals,” Modi said.

PM  Modi's remarks came as India signed a historic free trade agreement with the European Union last month, which has been hailed as "mother of all deals." Structured as a modern, rules-based trade framework, the agreement aims to address contemporary global economic challenges while enabling deeper market integration between the two major economies.

The US also announced an interim trade deal with India earlier this month, bringing the tariff down from 50 per cent to 18 per cent. Advanced trade talks between the two countries have been delayed due to a recent US Supreme Court ruling and subsequent new tariff announcements by the Trump administration.

India signed a Comprehensive Economic Partnership Agreement with Oman in December 2025. Under this deal, more than 98 percent of Indian goods can enter Oman without paying customs duty. In return, India reduced tariffs on about 78 percent of Omani products, including petrochemicals and dates. The agreement is expected to boost trade between the two countries to more than 10 billion dollars a year.

With Israel, India began talks for a Free Trade Agreement in November 2025 after both sides signed the Terms of Reference. In February 2026, the relationship was upgraded to a Special Strategic Partnership. As part of this, both countries agreed to speed up the FTA negotiations and also work on a new Bilateral Investment Agreement to increase trade, investment and technology cooperation.