In a short period, India could well be signing multiple FTAs: Sanjiv Puri

Confederation of Indian Industry (CII) president and chairman of diversified conglomerate ITC, Sanjiv Puri, on Wednesday advocated the need for free trade agreements (FTAs) and the opportunities they present.

 

Speaking at a CII conference in Kolkata, Puri said 70 per cent of global trade occurs through global value chains and emphasised the need for free trade agreements and the streamlining of customs tariff structures. Puri had joined the event virtually.

 

He said that with the developments in the world, it was more likely that in a very short period of time, India could sign multiple FTAs.

 

“The EU FTA is very important to India; it has been under discussion for more than two decades. So, hopefully, this year, we should see the culmination of many such FTAs.”

 

Puri also pointed out that the government was pushing for an FTA with the US. “This will bring down tariffs, make India competitive, and open up many more markets as far as India is concerned.”

 

Earlier in his address, Puri highlighted global headwinds in the wake of tariff actions.

 

He noted that even earlier, the global situation was not great—the growth rates had been tepid, and geopolitics had adversely impacted economic progress.

 

The CII president pointed out that excess capacity in certain parts of the world was finding its way into India at uneconomical prices and also taking away opportunities for potential exports. “It’s a challenging global situation. But in every challenge, there are also opportunities,” he said.

 

The projected growth rate of 6.5 per cent for India, he said, was a reasonably good figure given the global context.

 

“Of course, we would like it to be 7-8 per cent because that’s the potential that India has. But in the whole world, India is a beacon of hope and promise,” Puri said.

 

Rajiv Memani, president-designate, CII, and chairman and CEO, EY India, said that the resilience of the Indian growth story was “quite strong”. However, in the short term—zero to six months—headwinds were high, he said.

 

“There is a fall in financial savings, the impact of inflation, and personal and retail loans are very high. And that is impacting the overall consumption story,” he said.

 

Memani also said that the impact of China and global changes in the Trump 2.0 regime were affecting India’s exports.

 

He noted that corporates were slightly hesitant today in planning capex. “They want to defer the decision by three to six months because they are unable to predict the impact of China, tariffs, and everything else.”

 

CII Eastern Regional Council 2025-26

On Wednesday, the CII Eastern Region elected new office bearers for 2025-26.

 

Shashwat Goenka, vice chairman, RP-Sanjiv Goenka Group, has been elected chairman of CII Eastern Region Council for 2025-26. Goenka is also chairman of Spencer's Retail and vice chairman of CESC, Firstsource Solutions, and director of PCBL Chemical.

 

Mehul Mohanka, managing director and group CEO of Tega Industries, has been elected deputy chairman of CII Eastern Region Council for 2025-26.