India Strengthens Global Trade Alliances

Reserve Bank Governor Sanjay Malhotra applauded the recently signed free trade agreement (FTA) between India and the UK, highlighting its potential to benefit numerous sectors within the Indian economy. Speaking at the Financial Express Modern BFSI Summit, Malhotra emphasized the importance of such bilateral pacts in a world where multilateralism is waning.

The Governor noted that India must engage in more FTAs with other countries, with negotiations with the US already in advanced stages. These agreements are crucial for opening up markets in both goods and services. The India-UK agreement, signed during Prime Minister Narendra Modi's visit to the UK, represents a significant step forward in this strategy.

In a broader context, Malhotra endorsed US Federal Reserve Chair Jerome Powell for maintaining central bank independence and addressed India's stance on cryptocurrency regulation and currency trade agreements, underscoring the enduring role of the US dollar as a universal currency.

(With inputs from agencies.)