RBI Guv Sanjay Malhotra Bats For More FTAs As India-UK Deal Seals New Chapter: Here's What He Said
“Given the current realities where multilateralism has taken a back seat, it is necessary for India to have more such pacts with countries,” Malhotra said.
Reserve Bank of India (RBI) Governor Sanjay Malhotra has offered the central bank’s first public remarks on India’s newly signed Free Trade Agreement (FTA) with the United Kingdom, calling it a timely and necessary step in the face of waning global multilateralism.
Speaking at the FE Modern BFSI Summit, Malhotra said the bilateral agreement would prove beneficial across multiple domains of the Indian economy, particularly in manufacturing and services. “Hopefully it (FTA with UK) should help us... that is the way going forward now, because unfortunately multilateralism seems to have taken a back seat,” he said.
The trade deal was finalised during Prime Minister Narendra Modi’s two-day visit to the UK and marks the culmination of years of negotiation. It is expected to unlock new trade opportunities between the two nations by enhancing market access for goods and services.
More Trade Pacts In Pipeline
Malhotra also indicated that India is actively pursuing similar agreements with other nations, with discussions with the United States already at an advanced stage. “Given the current realities where multilateralism has taken a back seat, it is necessary for India to have more such pacts with countries,” he said.
He added that apart from the US, there are multiple FTAs under negotiation, as India looks to deepen its bilateral trade partnerships in a shifting global economic landscape.
Backing Powell Amid Political Pressure
In a separate note, Malhotra lent his support to US Federal Reserve Chair Jerome Powell, who has recently faced criticism from President Donald Trump. “He (Powell) is doing a very good job. Maintaining independence of the central bank is very important. I think he has done a commendable job,” Malhotra stated.
His comments come at a time when central bank independence is increasingly under scrutiny worldwide, and reflect a broader solidarity among global financial leaders facing political headwinds.
The RBI governor’s endorsement not only acknowledges Powell’s policy stance but also signals India’s support for strong, independent monetary institutions in an era of geopolitical uncertainty.
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