Europe sees India as key innovation and manufacturing hub: Vaishnaw

European countries are increasingly viewing India as a key hub for innovation and manufacturing, Union Minister Ashwini Vaishnaw said on Wednesday.

He said that new companies are entering India and are making the country their production, manufacturing, design, and research hub.

So far, about 1.6 lakh people have secured employment through the EFTA agreement, he told reporters on the sidelines of the India-EFTA Prosperity Summit.

The India-EFTA (European Free Trade Association) Trade and Economic Partnership Agreement (TEPA) entered into force on October 1, 2025.

The four EFTA member States are Iceland, Liechtenstein, Norway, and Switzerland.

“European countries see India as a major innovation and manufacturing hub,” he said. “For the past two days, the second India-European Free Trade Association (EFTA) Prosperity Summit has been underway, and there have been very productive discussions between businesses on both sides as well as between the ministers of both sides,” he said.