Prime Highlights-
- Europe sees India as a major innovation and manufacturing hub as new companies build production, design and research bases here.
- About 1.6 lakh people have secured jobs through the India-EFTA trade agreement, Union Minister Ashwini Vaishnaw told reporters on Wednesday.
Key Facts-
- The India-EFTA Trade and Economic Partnership Agreement, called TEPA, entered into force on October 1, 2025.
- EFTA members are Iceland, Liechtenstein, Norway and Switzerland, with the second Prosperity Summit held over two days.
Background-
Union Minister Ashwini Vaishnaw said Wednesday that Europe now treats India as a leading center for innovation and manufacturing, with fresh investors moving in to build their businesses.
Vaishnaw spoke to journalists after a session of the India-EFTA Prosperity Summit. Vaishnaw noted that fresh entrants are setting up shop in India for output, product design and R&D work. In his view, European governments are backing the shift with real enthusiasm.
The minister said the trade agreement with the European Free Trade Association has already delivered results on jobs. Around 1.6 lakh people have found work through the deal so far, he told reporters.
Vaishnaw said the summit, now in its second edition, ran for two days. Business groups from both regions held useful talks, while ministers from India and the EFTA bloc also met to discuss cooperation.
The Trade and Economic Partnership Agreement, or TEPA, took effect on October 1, 2025. It connects India with Iceland, Liechtenstein, Norway and Switzerland, the four member states of EFTA.
His comments point to growing European interest in setting up long-term bases in India. Companies are placing several functions in the country, from factory lines to design studios and research teams.
The summit gave industry leaders and officials a platform to plan how both sides can build on the pact, which has now been in force for just over a year.