Bhubaneswar: At the forefront of advocating for Odisha’s economic growth and its integration into the global marketplace is Shri Pankaj Lochan Mohanty, the astute Chairman of the ASSOCHAM Odisha State Development Council.
His emphasis on the India-UK Free Trade Agreement (FTA) as a pivotal step towards empowering local economies underscores his commitment to the state’s industrial and agricultural prosperity.
Shri Mohanty has consistently highlighted the transformative potential of the India-UK FTA, particularly its provision of duty-free access for 99 percent of India’s exports to the United Kingdom. He sees this as a game-changer for Odisha, allowing the state’s diverse range of products to compete on a level playing field in a significant international market.
He said that the agreement is expected to be a major catalyst for MSMEs in Odisha. Reduced tariffs on raw materials and easier access to the UK market will enable these small and medium businesses to expand their reach, increase production, and generate more employment. Industries like traditional handicrafts and handlooms, which previously faced duties up to 16% on GI-certified products, will now enjoy duty-free access, providing a crucial competitive edge. This is anticipated to open new export channels, enhance profitability, and create jobs, particularly in the state’s rural areas.
For Odisha’s burgeoning Micro, Small, and Medium Enterprises (MSMEs), ASSOCHAM Chief Shri Mohanty’s vision aligns with the FTA’s promise of reduced tariffs and streamlined trade processes. He believes this will unleash the full potential of these enterprises, enabling them to scale up operations, innovate, and create a plethora of new employment opportunities across the state. The focus on duty-free access for traditional handicrafts and handlooms, for instance, resonates with Shri Mohanty’s push for leveraging Odisha’s unique cultural heritage for economic gain.Farmers in Odisha are set to be among the biggest beneficiaries.
The India-UK FTA offers duty-free access for a wide array of agricultural and processed food products, including fruits, vegetables, cereals, spices (such as turmeric and cardamom), mango pulp, pickles, and ready-to-eat meals. This will reduce import costs in the UK, making Indian produce more competitive and enabling farmers to fetch better prices for their goods. The agreement also encourages diversification by opening up opportunities for emerging products like jackfruit, millets, and organic herbs, which can help farmers mitigate domestic price fluctuations, pointed out the Industry Czar.
Beyond industry, Shri Mohanty has consistently championed the cause of farmers and rural industries. He foresees the FTA as a direct boon for the agricultural sector, opening up new export avenues for Odisha’s produce, from its renowned spices and mangoes to emerging products like millets and organic herbs. This, he argues, will not only enhance farmers’ incomes but also contribute to the diversification of the state’s agricultural economy. The anticipated surge in seafood exports, particularly shrimp and fishmeal, is another area where Shri Mohanty projects significant growth and increased livelihoods for coastal communities.
ASSOCHAM Chairman of Odisha Development Council Shri Mohanty’s broader economic philosophy, as evidenced by his past pronouncements, centers on fostering a collaborative ecosystem between government, industry, and academia to drive sustainable growth. His advocacy for the FTA is a clear demonstration of this, recognizing that global partnerships are essential for Odisha to transition from a “resource-rich” state to one that is “data-rich and digitally intelligent,” as he articulated during the Odisha Manufacturing Conclave 2025.
As Chairman of the ASSOCHAM Odisha State Development Council, Shri Pankaj Lochan Mohanty remains a key voice in shaping the state’s economic narrative, constantly pushing for policies and agreements that will unlock new opportunities and accelerate Odisha’s journey towards comprehensive development. His focus on the tangible benefits of the India-UK FTA reinforces his dedication to translating national-level agreements into grassroots economic empowerment for the people of Odisha.
In fact Union Commerce and Industry Minister Piyush Goyal has termed the India-UK FTA a “game-changer,” asserting that it was finalized on India’s terms and will prove to be a stepping stone towards the vision of a “Viksit Bharat” (Developed India). The agreement aims to significantly boost bilateral trade, with projections indicating a doubling of current trade volumes to $120 billion by 2030.
For Odisha, this translates into increased economic activity, greater investment, and accelerated development across its key sectors, said ASSOCHAM Chief of Odisha Development Council, Shri Mohanty.