Siddhartha Sanyal on significance of India-EFTA deal

economictimes.indiatimes.com:

Siddhartha Sanyal, Chief Economist & Head-Research, Bandhan Bank says “as India is moving up very significantly in the global export chain and in the global value chain, as a country, we are a lot more confident now and that is showing up in this particular agreement with the four European nations and it can act as a stepping stone for a few more going ahead in the coming days. So, it is very significant in my view.

This angle is probably not very clearly scratched that we want to integrate more with the world in terms of trade and better ties. In that light, how significant do you see the free trade agreement between India and the European FTA block (India-EFTA)?
Siddhartha Sanyal: This is very significant. First of all, one very silent revolution is taking place over the course of the last few years, maybe a decade or so, where very clearly in the global supply chain and the global value chain, India is silently moving up in a very significant fashion.

It is not necessarily a country anymore which exports primary commodities only like tea and rice and items like carpets and jute. There has been a very significant uptick in some of the high tech areas as well. Petrochemicals, chemicals, drugs and pharma, engineering, automobiles exports are equally important.

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