Indian economy to grow over 6% annually: EAM Jaishankar

External Affairs Minister S Jaishankar on Tuesday said India is expected to be the only major economy to keep growing at well above 6 per cent per annum in the foreseeable future, and thus will remain one of the major growth engines of the world.
Addressing the inaugural session of the CII India-Europe Sustainability Conclave, the external affairs minister said when it comes to the green transition, clean energy and green transition are central to the India-EU Connectivity Partnership. Jaishankar said India is today one of the leading countries in climate change mitigation commitments and environmental protection. “Our Low-Carbon Development Strategy lays out the path to a carbon-neutral economy while taking into account specific development goals,” Jaishankar said, adding, “We have the third biggest installed renewable energy capacity in the world. Without stressing on our ambitious Nationally Determined Contributions at the UNFCCC, let me say that we will reach our goals even earlier.”
S. Jaishankar stated that this event is proof that India’s relations with Europe are stronger and deeper than they have ever been during the opening session of the CII India-Europe Sustainability Conference. The Colloquium focuses on boosting bilateral interactions, discussing new economic prospects, and the strategic importance of the India-Europe alliance in the evolving geopolitical landscape.
In the opening lines of his speech, Jaishankar said, “Businesses have a primary role in driving sustainability and that is why we are all meeting here today. The enabler, however, is the larger partnership and the understanding between India and Europe.”
Jaishankar said India and the EU believed in a multi-polar global order, shared a commitment to promoting effective multilateralism and were increasingly considerate to each other’s geopolitical, economic, strategic and security concerns.
The EU is one of India’s largest and most important trade partners. Jaishankar said, “Our bilateral trade was in excess of USD 115 billion in the FY 2021-22, which is the highest ever. With the UK and other non-EU countries added, I believe that the number is even greater. We expect the India-EU FTA will be a game-changer for the India-EU relationship.”
India’s new approach to trade agreements addresses issues of non-tariff and behind-the-border barriers, quality standards and related benchmarks.