"Under the FTA, India will lift or partially remove customs tariffs on 95.3 per cent of industrial imports from Switzerland (excluding gold) either immediately or with transition periods," the Swiss government said in a statement.

India sets ambitious goals of securing $100 billion in investments over 15 years from EFTA countries, with a focus on generating 1 million jobs. Union Minister Piyush Goyal echoes PM Modi's sentiments, expressing confidence in the mutually beneficial nature of the agreement and pledging support to exceed set targets for industry and businesses.

"The Trade and Economic Partnership Agreement (TEPA) between India and EFTA covers wide-ranging matters such as trade in goods and services, rules of origin, intellectual property rights (IPR), investment promotion, trade facilitation, and sustainable development," a source elaborated.

"This is the first FTA for India where it has been able to get a commitment on investment and employment from the partner nations. The EFTA countries are looking at investing in joint ventures in areas such as pharmaceuticals, especially medical devices, certain chemicals, food processing, and engineering products," disclosed an official closely monitoring the negotiations.

"Everyone wants to do an FTA with India. The main reason for this is India's high import duties, which make it difficult for these countries to access India's large and rapidly growing market," the report said. It added that these three pacts with UK, Oman, and the European Free Trade Association (EFTA) also reflect a shift in India's focus from east to west in terms of preferential trade partnerships.