Davos, Switzerland - As global leaders converge at the World Economic Forum (WEF) in Davos, Switzerland, discussions around international trade and economic partnerships have taken center stage. Rajan Bharti Mittal, Vice-Chairman of Bharti Enterprises, has expressed optimism regarding the potential of the long-pending India-EU Free Trade Agreement (FTA) to unlock significant opportunities for both regions.

Mittal, speaking to ANI on the sidelines of the WEF, noted that "both sides are making the right voices" to move towards finalizing the agreement. He emphasized that the FTA would not only grant India access to a large market but also facilitate technology sharing, a crucial element for India's continued growth and development.

The Bharti Enterprises Vice-Chairman highlighted India's strong economic fundamentals, supported by a large domestic consumption base and close coordination between the government and industry. Despite global uncertainties and geopolitical tensions impacting confidence and capital expenditure, Mittal stressed that India is maintaining a robust growth rate of 6-7%. He acknowledged that while double-digit growth is desirable, external factors beyond India's control need to be considered.

Mittal's remarks align with the broader sentiment at Davos, where India's economic resilience and strategic FTA approach are being recognized. Goenka, during a panel discussion, pointed out India's shift in FTA strategy towards developed markets with stronger trade complementarities, creating opportunities for export diversification and supply chain resilience.

The India-EU FTA is viewed as a critical component of this strategy, offering the potential to boost export growth, enhance supply-chain resilience, and stimulate long-term investment. The agreement is expected to create a substantial market of 2 billion people, according to EU chief Ursula von der Leyen. A Spanish minister indicated that the India-EU trade deal is set to conclude in the next few days.

Beyond the India-EU FTA, Mittal touched upon the prospect of a trade deal with the United States, emphasizing that any such agreement must be a "win-win" situation. He noted the Prime Minister's stance that the deal "cannot sacrifice areas like farmers, small manufacturers, and other areas where it gets compromised".

Mittal also addressed the integration of Artificial Intelligence (AI) within the telecommunications sector, highlighting Bharti's use of AI to enhance consumer experience by addressing unsolicited communications. He explained that AI algorithms are used to remove millions of spam messages, ensuring customers are not disturbed. Furthermore, AI tools will be utilized to improve customer service, cater to customer requirements, and deliver optimal customer applications.

Regarding manufacturing, Mittal identified pharmaceuticals, biosciences, space technologies, and defense as key areas taking shape in India. He also emphasized the importance of renewables and nuclear energy to support industrialization and digitization, particularly in the context of India's ambition to become a global powerhouse for data centers.

Looking ahead to the upcoming budget, Mittal anticipates a continuation of reforms and further opening of sectors. He acknowledged some hesitation in private capital expenditure due to geopolitics but noted that spending is already visible in certain sectors.

The successful conclusion of the India-EU FTA would represent a significant milestone in India's economic growth story, fostering technology sharing, and providing access to a vast global market.