The European economy is performing well despite number of challenges. The economic expansion has continued into 2017, thereby completing four years of moderate, uninterrupted GDP growth. Concerns about elevated uncertainty are giving way to improving economic sentiment although this has yet to be reflected in hard economic indicators. Recent data show economic growth continuing at a steady pace, supported by macroeconomic policies, robust job creation, strong confidence, a gradual improvement in world trade, and the euro’s relatively low exchange rate.
But the conditions for an acceleration of economic activity are not yet present, as investment and wages are still constrained by lingering legacies of the crisis. Wage growth remains constrained by the continued presence of slack in the labour market. Hence, healthy net job creation is unlikely to fully offset the negative impact of temporarily rising inflation on household purchasing power. At the same time, investment is still dampened by the high level of public and private debt and the fact that banks and companies still need to adjust their balance sheets. According to European Commission’s Spring 2017 Economic Forecast, the European economy has entered its fifth year of recovery, which is now reaching all EU Member States. This is expected to continue at a largely steady pace this year and next. The European Commission expects euro area GDP growth of 1.7% in 2017 and 1.8% in 2018. GDP growth in the EU as a whole is expected to remain constant at 1.9% in both years.
FICCI's Europe division has been effectively working to draft and chart a calibrated engagement plan for the region. The division is working towards optimally utilizing the emerging economic paradigms in Europe to enhance FICCI’s reach and depth and to seek opportunities for the Indian industry.
The Europe division has a solid institutional framework backing it. It has over the years signed number of agreements with some of the most prominent trade promotion organizations and agencies in the region. The close and sustained cooperation with the sectoral divisions within FICCI has further ensured the strengthening of the Europe division’s working relations with such organizations.
Be it the environment, higher education, skills development, healthcare, tourism, renewable energy or pharmaceuticals, biotech and S&T, the active contribution from the Europe division has furthered the process of promoting the “Brand FICCI” and its reach in Europe.
The division undertakes regular surveys and studies on the latest socio-economic developments in the region and their impact on the business prospects of the Indian industry in particular.
As a standard procedure, the Europe division has been regularly extending services and timely inputs to its members about the business opportunities existing in various parts of the continent.
The division regularly interacts with the European embassies in India for sharing ideas and for strengthening partnerships. It also seeks their assistance in number of FICCI sectoral initiatives and two way exchange programs of business delegation(s) and other important visits.
FICCI’s Europe division has actively contributed in devising and formulating the terms of engagement between the Indian and EU business communities during multi-lateral fora like B- 20 and India-EU Business Summits.
- GoI has assigned FICCI the task for extending secretariat support to India-Spain CEOs Forum
- India Europe 29 Business Forum remains the flagship business platform for articulating and promoting business dialogue between India & Europe 29 countries