Bihar's economy will benefit from India-EU FTA. photo awakening
Jagran correspondent, Patna. Emerging economies like Bihar will also benefit from the Free Trade Agreement (FTA) between India and the European Union (EU). According to Confederation of Indian Industry (CII) Bihar Chapter, this agreement will be a milestone for the industrial development and employment generation of Bihar.
According to the data of NITI Aayog, exports worth two thousand crores are made from agricultural and pharmaceutical products sector from Bihar. Experts say that this agreement is expected to lead to an increase of 10 percent. CII Bihar President Gaurav Sah said that this agreement will help in deeply connecting Indian manufacturers and service providers with the global value chain. This will speed up the flow of technology and encourage foreign investment.
As a result, India will be able to further strengthen its position as an alternative to China in the global supply chain. Providing duty-free entry to approximately 93 per cent of Indian exports into the EU market will significantly improve the competitiveness of Indian industries.
Key sectors such as engineering goods, IT and IT-enabled services, gems and jewelery and automobile will particularly benefit from this agreement. Along with this, the 'Future-Ready Mobility Framework' will be helpful in keeping Indian professionals and service sector competitive at the global level.
Food processing, handicrafts, leather industries will get a boost
Under the FTA, there will be significant reduction or complete abolition of import duties on many products. Bihar President of the Associated Chamber of Commerce and Industry of India (ASSOCHAM) Vivek Sah said that dominance in agriculture and food products will increase. This will give a boost to the industries of maize, makhana, litchi, rice, pulses, honey, organic agricultural products, handlooms and textiles, Bhagalpuri silk, Madhubani painting and other handicrafts, leather products, herbal products and indigenous medicines.
Apart from this, after FTA, machinery and technology will be imported from there. Under this, opportunities for agricultural machinery, dairy and cold chain technology, small scale industry machines, green technology, solar and bio energy technology, medical equipment, nursing and paramedical education will also be created. Apart from this, there will also be benefits in textile park, logistics and warehousing, IT and enabled services sector.
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