Delhi: The Indian Overseas Congress (IOC) has acknowledged India's discussions on strengthening economic ties and Free Trade Agreements (FTAs) with the European Union (EU) and United Kingdom (UK) during the recent G7 meeting.
However, the IOC has advised the Indian government to align with their declarations and initiatives with concrete actions back home.
"While it is commendable that India engaged in discussions on FTAs with the EU and UK, we are disappointed to note the lack of corresponding actions by Indian ministers upon returning home, especially in implementing policies favorable for international trade," said Gurminder Kaur Randhawa, Vice President of IOC UK .
She brought attention towards the depreciation of the Indian currency in recent months, along with substantial import duties, which presents significant challenges for trade.
Gurminder said that despite India's efforts to showcase its economic prowess internationally, the reality of a weakened currency and heavy import duties undermines confidence among businessmen intending to do business with India.
Recently, Union Minister of Commerce and Industry, Piyush Goyal, attended the G7 Trade Ministers' meeting in Villa San Giovanni, Reggio Calabria, Italy. At the event, Goyal emphasized advancing global trade relations and economic cooperation. He also conducted several bilateral meetings with international counterparts, underscoring India's commitment to fostering strong economic partnerships worldwide.
“Presently, addressing currency volatility and lowering import duties are crucial for creating a conducive environment for trade and investment which will ensure that India's economic policies effectively support sustainable growth and business confidence, both domestically and internationally,” said the UK IOC vice president.