India expected to be the only major economy to keep growing at well above 6 pc per annum: EAM Jaishankar
Feb 28, 2023
New Delhi [India], February 28 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."
Looking ahead, Jaishankar said, "India's ambitious Green Hydrogen policy incentivises an indigenous ecosystem for local needs and exports. In this, we have already seen collaborations between many major European firms and Indian companies."
"Electric vehicles, as Minister Rasmussen (Danish counterpart) noted, will be the next big thing for a green transition of India's urban landscape," he said, adding, "Green transition is also the core of our sustainability goals and it is enshrined in our agenda for the G20 presidency, and in fact Prime Minister Modi's LiFE Initiative adds the dimension of individual responsibility and ownership of our environment, in the synergy with India's declared climate and environmental goals."
The EU is one of India's largest and most important trade partners, Jaishankar said, adding: "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."
He said, "We look forward to a mutually beneficial, mutually advantageous conclusion to the negotiation process within a reasonably short planned timeline."
India's new approach to trade agreements addresses issues of non-tariff and behind-the-border barriers, quality standards and related benchmarks. "With like-minded partners, we have actually demonstrated in recent years a fast-track change in our FTA negotiation processes. FTAs- with the UAE and Australia- were actually concluded in record time," Jaishankar said.
