Bharat’s External Affairs Minister, S. Jaishankar, highlighted the importance of Europe for Bharat’s global priorities during his speech at the 2nd CII India Europe Business and Sustainability Conclave. He emphasized six key factors driving the global economy, including production, technology, and connectivity. Jaishankar underscored the depth and continuity of relations between Bharat and the European Union (EU), noting Prime Minister Narendra Modi’s frequent visits to Europe, totaling 27 times, and hosting 37 European leaders. He himself visited Europe 29 times and hosted 36 of his European counterparts.
Jaishankar emphasized the importance of human skilling and mobility agreements between Bharat and European partners, facilitating the legal movement of skilled individuals. He highlighted the mutual benefit of such agreements, aligning with consumer requirements in both regions. Additionally, he stressed the significance of concluding free trade agreements with both the EU and EFTA (European Free Trade Association), aiming to provide a positive framework to enhance trade levels between India and Europe.
Addressing the rising trade volumes between Bharat and the EU, Jaishankar emphasized the need for smoother economic interactions between the two regions. He urged the European Union to prepare for Bharat’s projected economic growth, citing Bharat’s current GDP of USD 3.7 trillion, expected to reach USD 7.3 trillion by 2030 and USD 30 trillion by 2047, coinciding with Bharat’s centenary of independence. He referenced a Goldman Sachs estimate projecting Bharat’s GDP to potentially reach USD 52.5 trillion by 2075.
Jaishankar expressed optimism about Bharat’s economic trajectory, envisioning it as the third-largest economy by the end of the decade and potentially the second-largest by 2075. He highlighted Bharat’s abundant talent pool and the government’s increasing utilization of digital technologies for service delivery.
Overall, Jaishankar’s remarks underscored Bharat’s commitment to strengthening its economic ties with Europe and emphasized the significant role both regions play in shaping the global economy.
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