Mumbai’s economic landscape is set for a transformative leap, thanks to the landmark India-EU Free Trade Agreement (FTA). Maharashtra Chief Minister Devendra Fadnavis announced on Tuesday that this historic pact will deliver substantial benefits to the state, propelling key industries into global prominence.
Fadnavis highlighted sectors like textiles, engineering goods, pharmaceuticals, chemicals, medical devices, automobiles, base metals, electronics, and gems and jewelry as prime beneficiaries. ‘This agreement promises rapid growth, enhanced competitiveness, and unprecedented access to global markets,’ he stated. Farmers too stand to gain significantly from expanded opportunities in agriculture and processed foods.
Posting on X, the Chief Minister praised Prime Minister Narendra Modi’s leadership in securing this strategic win. The deal links India with 27 European nations, representing 25% of global GDP. Over 99% of Indian goods will enjoy preferential entry into the EU, potentially surging exports worth Rs 6.41 lakh crore, especially in labor-intensive areas like textiles, leather, seafood, and gems.
The FTA opens favorable market access for Indian agriculture, benefiting farmers and the agri-value chain. A forward-looking mobility framework will create global opportunities for skilled and semi-skilled Indian professionals, strengthening India’s position in the world economy.
‘It’s a decisive step towards deeper international economic ties and sustained trade-led growth,’ Fadnavis emphasized. The agreement positions Maharashtra as a key driver of export-oriented development.
This comes hot on the heels of Maharashtra signing MoUs for Rs 30 lakh crore in investments at the World Economic Forum. The state is in advanced talks for another Rs 7-10 lakh crore, with signatures expected soon. These investments span industries, services, AI data centers, quantum computing, semiconductors, healthcare, food processing, renewables, EVs, urban transformation, green steel, shipbuilding, fintech, and digital infrastructure.
Of these, 83% are direct foreign investments, 16% involve foreign entities and technology, with some focused on import substitution. Partners hail from the US, UK, Switzerland, Sweden, Singapore, Germany, UAE, Norway, Canada, and more—18 countries in total.