Vadodara traders have expressed optimism following the signing of the Free Trade Agreement (FTA) between India and the European Union. Ramesh Patel, President of the Vadodara Trade Development Organisation, described the agreement as a significant step in India’s evolving global trade strategy. He highlighted the FTA as a timely and strategic move, especially in light of tariffs imposed by the United States.
Patel extended gratitude to Prime Minister Narendra Modi for facilitating the deal, stating that it is expected to boost Indian exports and open new international markets for traders, with particular benefits for businesses in Vadodara. He emphasized that compared to US tariff barriers, the EU FTA offers more effective opportunities for growth.
Trader Dheeraj Savla noted that the agreement would especially benefit the trade of premium products by making European goods more affordable. This, he said, would be advantageous not only for consumers but also for traders. He believes the FTA will inject new energy into business activities, presenting a better alternative amid the current tariff challenges posed by the US.
Ahead of the upcoming Union Budget, the Vadodara Trade Development Association has outlined key expectations to the government. In a recent meeting, members discussed various critical issues affecting commerce and industry. They called for relief in income tax rates, tax cuts or special incentives for the corporate sector and MSMEs, and urged simplification of the GST system. Traders also stressed the need for faster, more transparent GST return filing and refund processes.
Additional demands included affordable loans and enhanced credit support for MSMEs, infrastructure development such as improvements in roads, logistics, and port facilities, as well as advances in digital and technological capabilities. The association also highlighted the need for export promotion, tax holidays for startups, and increased employment generation.
Ramesh Patel reiterated the importance of the FTA, thanking Prime Minister Modi for addressing the challenging global trade scenario created by US tariff hikes. He expressed confidence that the agreement will significantly increase trade volumes and directly benefit traders.
Regarding the forthcoming budget, Patel pointed out ongoing fundamental challenges despite traders being among the top taxpayers. He stressed the necessity to improve employment opportunities for graduates, encourage both corporate and MSME sectors, streamline GST refund processes, and ensure timely refunds. He also underscored the importance of establishing new industries to boost job creation.
Vadodara Trade Development Organisation convener and CAIT committee member India Chauhan shared that traders always have expectations from each budget. While appreciating last year’s budget, he suggested further improvements this time. Chauhan emphasized that small traders and micro-industries should have easier access to loans at lower interest rates, noting the current difficulties and delays faced by many in securing bank credit.
He added that attracting foreign industries to India could reduce unemployment rates. Chauhan also pointed out the need to increase the number of taxpayers relative to the population, which would foster a better environment for both business and the overall economy.
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