India's Trade Challenge: Balancing Tariffs and Competitiveness

Despite India's significant reduction in tariffs to match global standards, domestic industries are pushing for increased duties. Key discussions at CII's Global Policy Forum 2024 highlighted concerns over India's competitiveness, ease of business reforms, and the push towards clean energy investments through Viksit Bharat 2047 initiatives.

In recent years, India has significantly lowered its tariffs to align with global standards, yet domestic industries continue to lobby for increased duties, according to a senior government official.

Amardeep Singh Bhatia, Secretary in the Department for Promotion of Industry and Internal Trade, mentioned the necessity to scrutinize these requests while speaking at CII's Global Policy Forum 2024. Despite efforts to integrate into global markets and reduce tariffs to the world average, the requests to hike duties raise questions about India's competitiveness.

The forum discussed boosting exports through free trade agreements and the need for reforms to ease doing business. With the Viksit Bharat 2047 targets focusing on private sector investments in clean energy, India is working on improving industrial infrastructure, including land availability and business reform action plans.

(With inputs from agencies.)