Where was the India – Norway business round table held on 8th December, 2024 ?
- (1)Jaipur
- (2)New Delhi
- (3)Chennai
- (4)Mumbai
Answer
Why
Correct — option (4), Mumbai.
On the morning of 8 December 2024, All India Radio's news service reported, citing the Ministry of Commerce and Industry, that Union Commerce and Industry Minister Piyush Goyal would meet a Norwegian industry delegation, led by Norway's Ambassador May-Elin Stener, at a business roundtable in Mumbai that day.
The ministry said the key focus would be the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), of which Norway is a member.
On 9 December, All India Radio reported that Goyal had addressed the India-Norway Business Forum in Mumbai, organised by CII with DPIIT, where he proposed a startup bridge between Norway and India.
The idea to remember: India-Norway business roundtable, 8 December 2024, Mumbai; the agenda was the India-EFTA TEPA.
Why the others are wrong
- (1)Jaipur — Jaipur hosted a different event in the same week: the Rising Rajasthan Global Investment Summit, 9–11 December 2024.
The roundtable with the Norwegian industry delegation was set for 8 December 2024, a day before that summit opened, and its venue was Mumbai.
- (2)New Delhi — New Delhi is the seat of the Union Government, including the Ministry of Commerce and Industry, but the 8 December 2024 roundtable was not held there.
All India Radio reported that Piyush Goyal would meet the Norwegian delegation in Mumbai that day. The India-Norway Business Forum he addressed was also in Mumbai.
- (3)Chennai — Chennai, the capital of Tamil Nadu, was not the venue.
The Commerce and Industry Minister's meeting with the Norwegian industry delegation on 8 December 2024 was set in Mumbai, with the India-EFTA Trade and Economic Partnership Agreement as its main theme.
Concept
EFTA is an inter-governmental organisation, set up in 1960, that promotes free trade and economic integration for the benefit of its four present member states: Switzerland, Iceland, Norway and Liechtenstein.
India and EFTA signed the Trade and Economic Partnership Agreement on 10 March 2024. It has 14 chapters, covering among other areas market access for goods and services, rules of origin, investment promotion and intellectual property rights.
The agreement also carries an investment commitment. EFTA committed to promote investments aimed at raising the stock of foreign direct investment in India by USD 100 billion over 15 years, and at facilitating 1 million direct jobs. Portfolio investment does not count.
RPSC's 2024 syllabus lists "Major Sectors of Economy: - Current Status, Issues & Initiatives of Agriculture, Industry, Service and Trade sectors" under Economic Concepts and Indian Economy, and "Major Current Events and Issues of Rajasthan, India and International Importance" under Current Affairs.
PIB's release on the signing notes that, among EFTA countries, Switzerland is India's largest trading partner, followed by Norway.
On market access, EFTA offered 92.2% of its tariff lines, covering 99.6% of India's exports. India offered 82.7% of its tariff lines, covering 95.3% of EFTA's exports, more than 80% of which is gold.
On the exam date the agreement was signed but not in force. It came into effect on 1 October 2025.
Key facts
- On 8 December 2024 AIR reported that Piyush Goyal would meet a Norwegian industry delegation, led by Ambassador May-Elin Stener, at a business roundtable in Mumbai that day.
- India and EFTA (Switzerland, Iceland, Norway and Liechtenstein) signed the Trade and Economic Partnership Agreement on 10 March 2024.
- Under TEPA, EFTA aims to raise the stock of FDI in India by USD 100 billion in 15 years and to facilitate 1 million direct jobs.
- EFTA was set up in 1960; among its members, Switzerland is India's largest trading partner, followed by Norway (PIB, March 2024).
- TEPA came into effect on 1 October 2025; on the exam date, 2 February 2025, it had been signed but was not yet in force.
Sources: All India Radio (8–9 December 2024), PIB and the Government of Rajasthan's Economic Review 2024-25.
Study next
Common traps
- Picking New Delhi because trade diplomacy is linked with the capital. The Commerce Minister's 8 December 2024 roundtable with the Norwegian delegation was in Mumbai.
- Picking Jaipur because a major investment summit opened there the next day. Rising Rajasthan ran on 9–11 December 2024; the Norway roundtable was in Mumbai on 8 December.
- Treating TEPA as in force in 2024. It was signed on 10 March 2024 and came into effect only on 1 October 2025.
A question can ask where a bilateral business meeting was held on a given date, or which minister led India's side. A question can also ask about the agreement behind it, such as which countries make up EFTA or what investment target TEPA sets.
Related PYQs
UnlockIAS will link similar questions from RAS Pre 2018 here once that paper is published on this site.
Practice
- practice — not a real PYQ
Which of the following countries is NOT a member of the European Free Trade Association (EFTA), with which India signed a Trade and Economic Partnership Agreement in March 2024?
- (a)Norway
- (b)Iceland
- (c)Liechtenstein
- (d)Sweden
Answer(4) — EFTA's four members are Switzerland, Iceland, Norway and Liechtenstein; Sweden is a member of the European Union, not EFTA. Options (1), (2) and (3) are EFTA members and parties to TEPA. - practice — not a real PYQ
Under the India-EFTA Trade and Economic Partnership Agreement, EFTA aims to increase the stock of foreign direct investment in India by how much in 15 years?
- (a)USD 50 billion
- (b)USD 100 billion
- (c)USD 150 billion
- (d)USD 500 billion
Answer(2) — PIB's release of 10 March 2024 gives a target of USD 100 billion in FDI stock over 15 years, with 1 million direct jobs. Options (1), (3) and (4) do not match that figure.