Prime Minister Narendra Modi announced that India and the United Kingdom have successfully finalized a Free Trade Agreement (FTA), marking a historic milestone in bilateral trade relations. The announcement was made during the ABP Network India@2047 Summit, held at Bharat Mandapam in New Delhi, where the Prime Minister addressed a distinguished gathering. He emphasized that the FTA would usher in a new era of economic cooperation between two major open-market economies, offering immense benefits for businesses, entrepreneurs, and MSMEs in both nations.
This agreement is expected to significantly boost trade volumes by reducing tariffs and enhancing market access, creating new opportunities for Indian industries across sectors such as manufacturing, technology, and financial services. Prime Minister Modi highlighted that the agreement aligns with India’s broader vision of transforming into a vibrant hub of global commerce. With recent trade agreements already signed with the UAE, Australia, and Mauritius, India is actively engaging with the world to expand its trade footprint.
During his speech, Modi outlined India’s policy of “Nation First,” emphasizing that decisive governance over the past decade has prioritized national interest over political expediency. He recalled that for years, India hesitated in making bold economic decisions due to concerns over global opinion and electoral calculations. However, he asserted that the success of initiatives such as banking sector reforms, Air India’s turnaround, and the implementation of Direct Benefit Transfer (DBT) reflects the impact of placing national interest at the forefront.
The Prime Minister also spoke about the transformation in India’s banking sector. Prior to 2014, the sector faced severe financial stress, but today, Indian banks report record profits, standing among the strongest globally. He credited his government’s merger of small banks and strategic financial decisions for stabilizing the sector, ensuring a robust financial system.
Another significant reform highlighted during the address was the implementation of One Rank One Pension (OROP), a long-pending demand of military veterans. Modi noted that his government has allocated over one hundred twenty-five billion rupees for the benefit of ex-servicemen, ensuring fair compensation and dignity for those who have served the nation.
Additionally, Modi discussed the empowerment of women in governance through the historic passage of the Women’s Reservation Bill, guaranteeing thirty-three percent reservation in the Lok Sabha and State Assemblies. He emphasized that this reform had been delayed due to political obstacles, but his administration remained committed to advancing inclusivity.
Reflecting on India’s evolving economic identity, the Prime Minister stated that India is moving beyond a GDP-centric approach and embracing “Gross Empowerment of People” (GEP). He outlined how various welfare schemes—such as permanent housing, sanitation, and healthcare through Ayushman Bharat—have strengthened citizens’ self-respect and contributed to economic empowerment.
The Prime Minister reaffirmed India’s commitment to self-reliance and manufacturing excellence. He cited the country’s growing status as a global defense manufacturer, supplying advanced military products to over one hundred nations. He also pointed to India’s rise in electronics production and record-breaking exports of eight hundred twenty-five billion dollars last year. Modi announced the launch of “Mission Manufacturing,” aimed at further accelerating India’s production capabilities.
Concluding his speech, Modi emphasized India’s ability to merge tradition and technology seamlessly. He noted that India leads in digital transactions while simultaneously preserving its rich heritage, including yoga, Ayurveda, and ancient artifacts. He reaffirmed India’s position as one of the world’s largest mobile phone manufacturers and a leader in renewable energy, surpassing one hundred gigawatts of solar power generation.
The ABP Network India@2047 Summit provided a platform for discussing India’s transformation, reinforcing the country’s commitment to economic progress, governance reform, and global leadership. Modi extended his congratulations to the ABP Network team for successfully organizing the event, highlighting India’s ambitious journey toward becoming a developed nation by 2047.
