According to two government sources, if Indian Prime Minister Narendra Modi wins the upcoming elections as predicted by opinion polls, he plans to prioritize completing free trade deals with Britain and Oman in the first 100 days of the next government.
In order to fuel further growth in Asia’s third-largest economy, Modi has instructed Indian ministries to set annual goals for the next five years that align with a 100-day action plan.
The trade ministry’s goals for the 100-day plan include finalizing trade pacts with Britain and Oman, both of which are in the final stages of negotiations, as revealed by the sources who are familiar with the discussions.
Due to the confidential nature of the plan, the sources requested anonymity.
A document seen by Reuters indicated that Modi has identified integrating India into world trade as a key priority area in recent talks with senior government officials.
Some of the objectives will be deliberated on May 1, amidst India’s seven-phase election which commences on April 19 and ends with vote-counting on June 4, during which Modi will be vying for a rare third term.
Both the trade ministry and Modi’s office did not respond to requests for comments on the matter.
While a spokesperson for Britain’s department for business and trade stated that the two countries are working towards an ambitious trade deal, they emphasized the importance of signing a deal that is fair, balanced, and in the best interests of the British people and economy.
Before India’s elections, negotiations between both nations were put on hold this month after two years of discussions, with a commitment to pursue a new pact aimed at doubling their trade by 2030, coinciding with Britain’s upcoming elections.
There was no immediate response from an Omani official, but the trade ministers of India and Oman met in December and urged their negotiators to conclude talks on a comprehensive pact to expedite the signing of a deal.
Trade between India and Oman has more than doubled in the past two years, reaching $12.39 billion in the last fiscal year.
(Reporting by Shivangi Acharya; Additional reporting by Alistair Smout in London and Sarita Chaganti Singh in New Delhi; Editing by Clarence Fernandez)
