India'UK FTA expected to boost Indian manufacturing, services, says RBI governor

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday said the India'UK Free Trade Agreement (FTA) is expected to provide a boost to multiple sectors of the Indian economy, including manufacturing and services. Speaking at an event in Mumbai, Malhotra said that with multilateralism losing momentum globally, such bilateral agreements are becoming increasingly important for India's trade strategy. 'The UK FTA is the way forward, because unfortunately, multilateralism appears to have taken a back seat,' Malhotra said, adding that trade negotiations with the United States are also at an advanced stage. Malhotra also noted that India is actively pursuing several other trade agreements, many of which are currently under negotiation.

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