Indian parliamentarians thumped their desks and shouted Narendra Modi’s name last week as the Indian prime minister heralded a new trade pact with the US, only a week after agreeing a full-blown trade agreement with the EU.
“A self-confident India has today emerged as a trusted partner of many countries around the world,” Modi declared. “The trade deals concluded with the European Union and America are vivid examples of this.”
Analysts said the Modi government’s move to cut tariff-busting deals with Europe and the US marked a historic shift in tack for one of the world’s most protectionist economies, which has zealously guarded domestic markets since its founding in 1947.
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