India and Norway are set to enhance collaboration in green energy, maritime industries, digital infrastructure, and financial technology through the India-EFTA Trade and Economic Partnership Agreement (TEPA), which aims to attract USD 100 billion in investments and create one million direct jobs in India over the next 15 years. According to a recent EY report, this agreement signifies a transition from transactional trade to long-term economic integration, aligning Norway’s advanced technologies with India’s manufacturing ambitions.
The report, released during the India-Nordic Summit in Oslo, identifies various sectors for potential collaboration, including offshore wind, hydrogen, autonomous shipping, and aquaculture. The TEPA, effective from October 2025, provides a comprehensive framework for this partnership, emphasizing Norway’s strengths in energy and sustainability-focused technologies as complementary to India’s growth narrative.
India, currently the sixth-largest economy with a GDP of nearly USD 3.9 trillion, is projected to become the third-largest by 2030, maintaining an annual growth rate of approximately 6.5%. The report underscores India’s attractiveness as a long-term investment destination, bolstered by its macroeconomic stability and structural transformation. It also highlights opportunities in the digital economy, particularly in AI and sustainable data centers, where Norway’s expertise can play a crucial role.
Furthermore, the financial sector is poised for growth, with India’s expanding fintech ecosystem offering avenues for Norwegian firms in areas like digital lending and microfinance. Experts emphasize the importance of a strategic approach for Norwegian companies to establish a long-term presence in India, leveraging the TEPA framework to facilitate smoother cross-border trade and investment. Overall, the India-Norway partnership is positioned for sustained economic growth and innovation.
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