Shaktikanta Das
Former RBI Governor and Principal Secretary-2 to Prime Minister Narendra Modi Shaktikanta Das said on Saturday that India will contribute about 20% to the global GDP growth. This will be due to strong domestic demand and sound economic and financial policies, which have helped India deal with external shocks. Speaking at the 85th Kale Memorial Lecture on “Indian Economy in a Changing Global Regime” at the Gokhale Institute of Politics and Economics, Pune, Das highlighted India’s focus on fair and balanced outcomes in the negotiations of Free Trade Agreements (FTAs) with the US and other countries.
He said that amidst global uncertainty, India is showing great flexibility and dynamism. He also said that the global economy is facing a lot of uncertainties and changes in the old rules-based, globalized trade system. Das said that the Covid-19 pandemic and the Russia-Ukraine war have further increased the need for self-reliance and strengthening the supply chain.
He further said that now strategic autonomy has become a priority, because regional trade agreements are now moving towards practical and small trade alliances. Due to the structural reforms of the last decade and the vision of “Self-reliant India”, India has successfully faced many global challenges.
How many trade agreements are there?
India currently has 14 Free Trade Agreements (FTAs) and 6 Preferential Trade Agreements (PTAs), which include recent agreements with the UK, Australia, UAE and European Free Trade Association (EFTA) countries Switzerland, Norway, Iceland and Liechtenstein. Currently talks are going on with America, European Union, Peru, Oman and New Zealand. The former RBI Governor said that strong domestic demand and right policies have given India the strength to deal with external shocks. These basics and reforms have strengthened our economy and put India in a position to make a major contribution to global growth.