New Delhi, Oct 11 (NationPress) Former RBI Governor Shaktikanta Das emphasized on Saturday that India is exhibiting extraordinary dynamism and resilience in the face of global unpredictability and a fragmented trade landscape.

While delivering the 85th Kale Memorial Lecture at the Gokhale Institute in Pune, he pointed out that the pandemic, geopolitical tensions, and supply chain vulnerabilities have disrupted long-standing globalisation norms and cost-based trade principles, urging nations to focus on self-reliance and regional trade agreements.

Das remarked that with the support of structural reforms, domestic demand, and prudent macroeconomic policies under the Atmanirbhar Bharat initiative, India has successfully navigated through global challenges and is poised to account for nearly 20% of global GDP growth.

“India is actively redefining its trade partnerships to adapt to the evolving global scenario. Currently, we are signatories to 14 free trade agreements (FTAs) and six preferential trade agreements (PTAs), with the UK, Australia, and the UAE being the latest additions among FTAs,” Das informed the audience.

In March 2024, India signed a comprehensive Trade and Economic Partnership Agreement with members of the European Free Trade Association, including Iceland, Liechtenstein, Norway, and Switzerland.

India is presently engaged in FTA negotiations with the US, EU, Peru, Oman, New Zealand, and others.

“Our trade negotiations prioritize securing fair and balanced agreements that serve the best interests of our nation and its citizens,” he stated.

As the global order continues to shift, it is crucial to focus on the robust economic fundamentals that bolster the Indian economy and the structural reforms that have fortified these essentials.

“These elements have empowered India to navigate through the tumultuous global landscape,” Das added.

India is rapidly emerging as a major economic force, projected to become the fourth-largest global economy by 2025 and the third-largest by 2028, driven by domestic reforms and a strong global stance under the Atmanirbhar Bharat vision.

Das noted that India's manufacturing sector has experienced an average growth rate of 5.9% over the last decade.

“Initiatives such as the integration of technology in service delivery, FDI reforms, and the opening of sectors like space and mining to private investments, coupled with a consistent focus on reducing compliance burdens, have significantly enhanced the economy's capacity and efficiency,” he elaborated.

The increased government capital expenditure and infrastructure projects, including the recently announced 12 industrial cities and 100 industrial parks near urban centers, are enhancing logistics efficiency and reducing costs for the manufacturing sector, according to Das.

“A newfound sense of confidence is palpable in the nation. India's trajectory towards becoming an economic powerhouse reflects its inherent strengths and the government’s policy initiatives,” Das concluded.