Reduction in tariff in New Zealand will increase the demand for Indian products and Indian industries will get an opportunity to strengthen their hold in the global market. Besides, employment will also increase in these sectors, which will also benefit the Indian economy. Former Chief Commissioner of Income Tax Department, Dr. Shikha Darbari said this while talking to IANS on Tuesday.
Dr Shikha Darbari said the $20 billion long-term trade agreement between India and New Zealand aims to double bilateral trade in the next 5 years. This is a sign of Prime Minister Narendra Modi’s global economic outlook and growing investor confidence.
He said that till now India was cautious about FTA agreements, but now it is making balanced and secure trade agreements with developed countries. This makes clear the changed trade diplomacy of the Government of India, in which the interests of investors are being given priority. Its objective is to make India a leader in global trade, and for this strategic agreements are being given priority.
Darbari said that this step is definitely an important step towards making India a leader in global trade. Under the Modi government’s vision of ‘Developed India 2047’, India’s trade will grow by opening new markets and implementing foreign trade agreements, which will help it become a global trade leader. This will not only strengthen India’s economic position, but will also establish the country as an effective trading power in the world.
He further said, “Under this FTA, GI tagged Indian products and value-added agricultural exports will be promoted. This will give better prices to Indian farmers for their products and strengthen their economic condition.
According to Reserve Bank of India (RBI) data, net FDI has doubled to $6.2 billion from April to October. This is a major success of Prime Minister Modi’s economic reform policies and investment-oriented approach. The Modi government has taken major steps towards providing necessary infrastructure and ease of doing business, which are making India attractive for foreign investors.
He said that more than 60 percent of FDI investment is coming in important sectors like financial services, manufacturing, power and communications. This is the result of ‘Make in India’, ‘Digital India’ and infrastructure-centric policies of the Modi government, due to which investment in India has increased and Indian products are getting more space and recognition in the global markets.
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