Bhubaneswar: Eminent Industrialist, Shri Pankaj Lochan Mohanty, Chairman of the Odisha State Development Council for ASSOCHAM, has officially welcomed the growing momentum toward a Free Trade Agreement (FTA) between India and the United States.
Following recent highlights from Prime Minister Shri Narendra Modi regarding the evolving bilateral relationship, Shri Mohanty characterized the potential agreement as a decisive step toward creating a stronger, future-ready economic partnership between the two nations.
The endorsement reflects a broader optimism within the Indian business community that a structured trade deal will provide the policy stability and trust necessary to accelerate innovation and attract significant foreign direct investment.
ASSOCHAM Chief Of Odisha Shri Mohanty said that the strengthening of supply chains through this FTA will help stabilize operations for manufacturers within the state.
Beyond industrial growth, the partnership is expected to attract fresh investments and generate substantial employment opportunities. This move is seen as a vital component of Odisha’s strategy to enhance its industrial landscape and contribute to the national goal of sustainable economic development, said Shri Mohanty.
As a resource-rich state with a growing industrial base, Odisha stands to gain unique advantages from a balanced and progressive trade agreement with the US. According to ASSOCHAM Odisha Chief, Shri Mohanty, the FTA is expected to deliver impact across several key economic pillars:
For the state of Odisha, a balanced trade agreement is expected to deliver significant economic advantages across several sectors:
Metals and Minerals: As a leading producer of aluminium, iron, and steel, Odisha stands to benefit from reduced tariffs. The US has recently imposed safeguard duties on these items, and an FTA could provide a more competitive path for Odisha’s metallurgical exports.
Seafood and Marine Products: The United States is traditionally the largest buyer of Indian seafood. Recent high tariffs have pressured local exporters, and this agreement offers a vital lifeline for Odisha’s massive frozen shrimp and fish industry.
Textiles and Handlooms: The state’s traditional handlooms, apparel including Sambalpuri and Ikat, along with growing apparel manufacturing, will gain direct access to a high-value consumer market, boosting rural employment.
MSME Growth: The agreement is designed to help small businesses and tech start-ups in Odisha integrate into global value chains, providing them with the scale needed for international competition.
By moving from a mineral-based economy to a high-value manufacturing hub, Odisha is positioned to use this FTA as a catalyst for sustainable development and job creation, said Shri Mohanty.
Market Expansion: Local industries in Odisha will secure improved access to American markets, allowing for a higher volume of exports in sectors such as metallurgy, chemicals, and textiles.
Supply Chain Resilience: By strengthening bilateral logistics and trade protocols, the FTA will help stabilize supply chains for Odisha-based manufacturers.
Employment Generation: Increased investment and industrial scaling are projected to create significant new job opportunities across the state, further reinforcing India’s role as a global growth engine.
The move is seen as a vital component of Odisha’s long-term strategy to transition from a mineral-based economy to a high-value manufacturing and technology hub through international collaboration.