An FTA with the EFTA.

"India has signed a free-trade agreement (FTA)" with the European Free Trade Association (EFTA), which consists of Norway, Switzerland, Iceland and Lichtenstein, and which "will see investments in India of $100 billion, the  country's trade minister says." BBC. "After 16 years of negotiations, involving 21 formal rounds," in which "India has promised to reduce tariffs to zero on 80-85 percent of goods from EFTA countries while receiving duty-free market access for almost 99% of goods, including rice." "However, investment by sovereign wealth funds is excluded from the investment obligation." BS. "Last year, India's trade with the EFTA nations was around $19 billion. Out of which $13 billion was just gold imports from Switzerland. Since no real benefits are offered on gold, the impact is going to be on the remaining $6-7 billion bilateral trade," wrote Prof Gulshan Sachdeva. In 2023, "India exported $422.23 billion worth of commodity and services, while imports stood at $625.87 billion till November." Forbes. $6-7 billion is therefore less than chump change. "Indian consumers may benefit from lower prices on seafood such as tuna and salmon; Swiss chocolate, biscuits, watches, medical equipment and energy drinks." That will be so exciting for all the 813.5 million Indians who will be provided with free food grains for the next 5 years under the PMGKAY scheme (pib.gov.in). Check for the lunch time on a Richard Mille watch worth Rs 182 million (GQ), eat salmon or tuna curry with PMGKAY free rice or chapati, along with a glass of energy drink, and finish off with a Swiss chocolate. What could be a more enjoyable meal? According to the National Family Health Survey-5 (2019-21, "there has been improvement in infant and child mortality rates. Stunting has reduced from 38.4% to 35.5%, wasting has reduced from 21% to 19.3% and the prevalence of underweight has reduced from 35.8% to 32.1%." However, anemia in women rose from 53% to 57% and in children (6-59 months) rose from 59% to 67%. DH. Last week, negotiators from the UK went back without any conclusion after 14 rounds of talks. India is apparently delaying an agreement until after the general election in the UK, which will take place in the second half of 2024 (wikipedia), expecting better terms from an expected Labour victory. Perhaps, the real reason is that "The UK is seeking major cuts in import duties on goods, such as scotch whiskey, electric vehicles, lamb meat, chocolates and certain confectionery items." If they reduce taxes on Scotch whiskey they will have to reduce taxes on Indian alcoholic drinks. Beer is taxed at 150% and whiskey starts at 300% and more than doubles as volumes rise. delhiexcise.gov.in. Union Minister for petroleum Hardeep Puri said that the government lost Rs 2.2 trillion in revenue because excise duty on petrol was cut by Rs 13 and by Rs 18 per liter from November 2021 to May 2022. TOI. As though we should prostrate ourselves in gratitude at the enormous favor. Just to remind the minister that petrol costs Rs 96.72 per liter in Delhi (News18), while the average cost of petrol in the US is about $3.5 per US gallon which works out to about Rs 76 per liter (eia.gov). Americans get to spend more of their earnings while our government spends our earnings. That's why Americans are rich. And we need free food grains.