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India is seen as a potential economic powerhouse with a multi-trillion dollar economy over the next decade

On Friday, Trade Union Secretary BVR Subrahmanyam said India was in an ideal situation when it comes to prospects for trade and economic growth.

Speaking to CNBC-TV18 at the Standard Chartered Leadership Collective, Subrahmanyam said: “It couldn’t have been a more opportune time when it comes to the global economy – our prospects for trade, economic growth, etc. are We are in a fantastic position, so it is up to us to seize the opportunity. If we miss it, it will only be ourselves to blame. These opportunities come once in a generation or in 20-25 years “, did he declare.

He said India was seen as a potential economic powerhouse with a multi-trillion dollar economy over the next decade.

“The pandemic has affected the world for two years. There has been a mess in supply chains, global value chains and companies have an active China+1 policy. So there is a lot of merit in looking at India as the only country of similar size and scale to China where you can invest and where you can have capabilities that can match China. Geopolitically also India has become very interesting as we are members of Quad – India, Australia, Japan and USA, we are also members of new Quad – India, UAE, Israel and States United,” he said.

He added that the wheat export ban was linked to food security concerns as India had had a poor harvest year. He said the government was not considering any rice export bans.

“India is not a major player in the wheat trade. Last year we exported 7 million tonnes…not even 5% of world trade. However India is dominant in rice. 45% of the world’s non-basmati rice is Indian. We therefore do not envisage any ban on the export of rice.

According to Subrahmanyam, India has reset and redesigned its approach to free trade agreements. Subrahmanyam added that he expects the FTA negotiations with the UK, Canada and the EU to conclude soon.

“There has been a reset and an overhaul of our approach to free trade agreements (FTAs). After RCEP, we reflected in detail and felt that India stood in splendid isolation. The world engages in all sorts of bilateral and regional arrangements and we are not part of any of them. We will opt for FTAs ​​with economies complementary to ours. We concluded an FTA with the United Arab Emirates in 90 days, the Australian FTA was concluded very quickly, the third FTA we are most likely to conclude is with the United Kingdom. By the end of the year, we will probably sign something with Canada. We will relaunch the FTA negotiations with the EU and hope to conclude them by the middle of next year,” he said.

Watch the video for the whole discussion.

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