Europe truly a priority for India: Jaishankar at CII conclave

World Wednesday 21/February/2024 08:21 AM
Europe truly a priority for India: Jaishankar at CII conclave

New Delhi: External Affairs Minister S Jaishankar, speaking at the inaugural session of the 2nd CII India Europe Business and Sustainability Conclave on Tuesday, said Europe is truly a priority for India.

The minister touched upon six broad elements that are driving the world economy: production and consumption, connectivity and logistics, technology, demographics, values and comforts, and the architecture or framework to do business.

Emphasising how deep relations between the European Union and India are, and how sustained and continuous the relationship has been, he said Prime Minister Narendra Modi has been to Europe 27 times.

"He has received 37 heads of European governments. I have visited Europe 29 times and I have received 36 of my colleagues during this period. I underline these numbers to emphasise how deep, how sustained and how continuous the relationship has been."
Expanding on human skilling and mobility, Jaishankar said India has in the last few years concluded a number of agreements on mobility with the European partners.

The plus point of these agreements, he asserted, is that they promote the legal movement of certain skillsets.

"So, it is something that fits in very neatly with the consumer requirement at the other end as well," he noted.

He also underlined the importance of concluding free trade agreements with European Union and EFTA.

"It is important because you can already see that our trade levels have been growing steadily, but there is a well-founded realisation that we need a more positive framework to accelerate it," he noted.

He also spoke about rising trade volumes between India and the European Union.
"We need a much smoother interface between our economies, and it is important for European Union to prepare for an India that is to come," he explained.

He said India today has a GDP of about USD 3.7 trillion, which is projected to be about USD 7.3 trillion by 2030, and subsequently USD 30 trillion by 2047, when the country celebrates its hundredth year of independence. Citing a Goldman Sachs estimate, he said India's GDP could reach USD 52.5 trillion by 2075.

"Arithmetically speaking, India is going to be an increasingly significant economy," he said, hoping it would become the third largest economy by the end of this decade and second largest by 2075. He also apprised the gathering about India's large talent pool and how his government is increasingly using of digital technologies for services delivery.