EFTA's $100 Billion Investment Boost for Indian Economy

Commerce and Industry Minister Piyush Goyal announced a landmark $100 billion FDI commitment from the EFTA bloc under a new trade agreement, potentially increasing Indian ecosystem investments to $400-500 billion. The Trade and Economic Partnership Agreement is set to be effective by year-end, promoting job creation and sectoral growth.

In a significant boost to India's investment landscape, Commerce and Industry Minister Piyush Goyal revealed a $100 billion FDI commitment from the EFTA bloc. This landmark deal, within the Trade and Economic Partnership Agreement (TEPA), could catalyse an additional $400-500 billion in investments for the Indian economy.

The EFTA bloc, which includes Iceland, Liechtenstein, Norway, and Switzerland, is expected to ratify the agreement by the end of the year. A dedicated EFTA Desk has been inaugurated to support EFTA companies in India by providing market insights, regulatory guidance, and business matchmaking.

The agreement, a first-of-its-kind for India, projects the creation of over one million jobs. It allows for duty concessions on products such as Swiss watches and chocolates while promoting a surge in investments across various sectors including precision industries and pharmaceuticals.

(With inputs from agencies.)