Synopsis

Raymond Group Managing Director Gautam Singhania said, "As far as the budget is concerned, the EU trade deal is expected to happen tomorrow. I think that will be a significant step to bring America to the negotiating table if India gets a very good deal with the EU."

Mumbai (Maharashtra): Raymond Group Managing Director Gautam Singhania on Monday said that a potential trade agreement between India and the European Union could play a crucial role in bringing the United States to the negotiating table.

Speaking to the reporters, Singhania said, "As far as the budget is concerned, the EU trade deal is expected to happen tomorrow. I think that will be a significant step to bring America to the negotiating table if India gets a very good deal with the EU."

Commenting on Maharashtra Chief Minister Devendra Fadnavis's recent visit to Davos, Singhania praised the outcomes of the trip, particularly the number of Memorandums of Understanding (MoUs) signed.

"Chief Minister (Devendra Fadnavis) visited Davos, and he has done a phenomenal job in terms of the amount of MOUs that he has signed. I think that will be very good for the state and for the country," he said.

Earlier today, Gautam Singhania said that the proposed India-European Union (EU) Free Trade Agreement (FTA), particularly negotiations around zero duty on textiles, could deliver a significant boost to employment and industrial growth.

"Textiles remain among the largest employers in the country and a duty-free access to the EU market would be beneficial not only for the sector but also for the broader economy," Singhania said.

EU President Ursula von der Leyen is in New Delhi, where she attended the Republic Day celebrations as the Chief Guest.

In a social media post on X, von der Leyen said, "It is the honor of a lifetime to be Chief Guests at the Republic Day celebrations. A successful India makes the world more stable, prosperous and secure. And we all benefit."

Meanwhile, New Delhi and Brussels are likely to announce the conclusion of negotiations on the much-awaited free trade agreement at the India-EU summit on January 27.

Leaders from both sides are expected to adopt a joint EU-India comprehensive strategic agenda to reinforce the strategic partnership and deepen cooperation, which delivers stability and prosperity at home and beyond.

On the upcoming Union Budget, Singhania refrained from offering detailed expectations, stating that he was not the appropriate person to comment on budgetary matters. However, he expressed optimism that recent trade deals and investment commitments would provide a strong foundation for India's economic momentum.