India–EU FTA could boost textile industry, create jobs: Raymond Group MD Gautam Singhania

The proposed India–European Union Free Commerce Settlement (FTA), significantly provisions associated to zero-duty entry for textiles, might considerably increase India’s textile trade and generate employment, Raymond Group Managing Director Gautam Singhania stated on Monday.

Singhania stated textiles stay one of many nation’s largest employment-generating sectors and would profit considerably from improved market entry to the European Union underneath the proposed commerce pact.

“Textiles are among the many greatest employers in India, and duty-free entry to the EU market can be helpful not just for the trade but additionally for the general economic system,” Singhania stated, including that zero-duty provisions would improve the worldwide competitiveness of Indian textile exports.

He famous {that a} beneficial commerce settlement with the EU might additionally strengthen India’s place in future commerce negotiations with different main economies, together with the USA. “Zero responsibility on textiles might be excellent for the trade and from an employment perspective as properly. A powerful cope with the EU can be a major step,” he stated.

Referring to current engagements on the World Financial Discussion board in Davos, Singhania praised the efforts made by Indian states and the central authorities to draw funding and signal key agreements. “What the Chief Minister has achieved at Davos is excellent. There have been many agreements for the state, and India has additionally signed a number of vital agreements. It will go a great distance in India’s progress,” he stated.

On the upcoming Union Finances, Singhania declined to touch upon particular expectations, stating that budgetary issues had been past his remit. Nonetheless, he expressed optimism that current commerce agreements and funding commitments would help long-term development in manufacturing and export-oriented sectors.

The remarks come amid rising optimism that negotiations on the long-pending India–EU FTA are nearing completion, with trade leaders highlighting its potential to reshape bilateral commerce ties, strengthen provide chains, and create jobs throughout key sectors equivalent to textiles.