EFTA Seeks Major Investments in India: Piyush Goyal

Commerce and Industry Minister Piyush Goyal announced that the European Free Trade Association (EFTA) is keen to invest USD 100 billion in India over 15 years. India has the right to withdraw concessions if commitments are not met. The goal is to boost exports to USD 2 trillion by 2030 and ensure economic growth.

Commerce and Industry Minister Piyush Goyal announced on Wednesday that the European Free Trade Association (EFTA), a four-member bloc, is keen to invest USD 100 billion in India over the next 15 years.

India recently signed a free trade agreement (FTA) with EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland, allowing products like Swiss watches and chocolates at lower or zero duties.

Under the agreement, India reserves the right to withdraw customs duty concessions if EFTA's investment commitments are not met, aiming to advance India's goal of becoming the world's third-largest economy by 2030.

(With inputs from agencies.)