Overview

• Speaking at the Gokhale Institute in Pune, Shaktikanta Das said robust domestic demand and prudent macro‑financial policies have helped India absorb external shocks and position it to supply about 20% of world GDP growth.
• He said the long‑standing rules‑based trading order faces strain, with the pandemic and the Ukraine war pushing countries toward self‑reliance, supply‑chain resilience and regional pacts.
• India now counts 14 free trade agreements and six preferential trade agreements, with recent FTAs including the UK, Australia and the UAE, and a Trade and Economic Partnership with EFTA signed in March 2024.
• Ongoing FTA talks include the United States, the European Union, Peru, Oman and New Zealand, with officials prioritizing what they describe as fair, balanced terms that protect national interests.
• Das cited decade‑long reforms and industrial pushes—including FDI liberalisation, sector openings, digital delivery, infrastructure, and new industrial cities and parks—alongside a manufacturing expansion averaging 5.9% annually and projections of India rising to fourth in 2025 and third in 2028.