European Union free trade pact to boost jobs, manufacturing: President Murmu

President Droupadi Murmu on January 28 welcomed the conclusion of a free trade agreement with the European Union, calling it a major step that will strengthen India’s manufacturing and services sectors and open up new employment opportunities for young people.

Addressing a joint sitting of Parliament at the start of the Budget session, the President said the deal reflects the growing strength of India’s economy over the past decade. She noted that despite repeated global disruptions, India has continued to remain the fastest-growing major economy.

“I congratulate all citizens on the conclusion of negotiations for a free trade agreement with the European Union. It will give impetus to the manufacturing and service sectors in India and also create new employment opportunities for the youth of India,” Murmu said.

She also highlighted improvements in macroeconomic stability, saying India has further strengthened its record of keeping inflation under control, with direct benefits for the poor and the middle class. “As a result of the policies of my government, the income of citizens has increased, their savings have grown, and their purchasing power has also improved,” she said.

India and the European Union sealed the landmark FTA on Tuesday, describing it as the “mother of all deals”. The agreement aims to create a market of nearly two billion people and is anchored in a five-year agenda focused on trade, defence and cooperation to uphold a rules-based global order.

Alongside the trade pact, the two sides also signed agreements on security and defence cooperation and on facilitating the mobility of Indian talent to Europe. The deals were finalised during summit-level talks hosted by Prime Minister Narendra Modi with European Commission President Ursula von der Leyen and European Council President Antonio Costa, at a time of strained transatlantic ties with the United States.