Synopsis
Amid the US reciprocal tariffs, PHDCCI CEO Ranjit Mehta sees a chance for India to enhance high-quality production and expand under 'Make in India' and 'Atmanirbhar Bharat' initiatives. He emphasizes the importance of supporting MSMEs and leveraging bilateral trade agreements to mitigate challenges.Key Takeaways
- Opportunity for high-quality production in India.
- Importance of supporting MSMEs.
- Potential positive outcomes from bilateral trade agreements.
- Focus on technological assistance for MSMEs.
- Resilience of India's economy amidst challenges.
New Delhi, April 3 (NationPress) In light of the US reciprocal tariffs, Ranjit Mehta, CEO of the PHD Chamber of Commerce and Industry (PHDCCI), stated on Thursday that this moment serves as a chance for India to enhance high-quality production and expand globally under the 'Make in India' and 'Atmanirbhar Bharat' initiatives.
Mehta expressed optimism that, with the guidance of Prime Minister Narendra Modi, India can transform the existing trade hurdles into a pathway for growth.
"The relationship between Prime Minister Narendra Modi and the administration of US President Donald Trump is solid, and the Indian government is advancing a bilateral trade agreement. The results from these agreements may become evident in the coming four to five months," Mehta informed IANS.
“This represents a significant opportunity for India, and under Prime Minister Modi's leadership, now is the ideal time to advocate for 'Atmanirbhar Bharat' and 'Make in India'. We must prioritize the production of high-quality products," he added.
Mehta underscored that although the tariffs present challenges, the resilience of India's economy allows for the exploration of new opportunities to mitigate their impact.
He highlighted the necessity for robust support for the Micro, Small, and Medium Enterprises (MSME) sector and the importance of accessing alternative markets.
“Furthermore, we should contemplate offering technological assistance to the MSME sector to ensure their products are fully equipped to compete on a global scale and achieve appropriate market value," he remarked.
In his conversation with IANS, Mehta noted that such a strategy is unprecedented and will have a significant effect on global trade. Yet, he emphasized India’s strong economic standing, pointing out that it is one of the fastest-growing economies with a vast market and substantial domestic consumption.
He also mentioned that Indian pharmaceutical exports have been exempt from the tariffs, marking a positive development for that sector.
Mehta recognized that industries such as textiles, gems and jewelry, and electronics, which maintain a robust presence in the US market, may encounter challenges.
“However, ongoing bilateral trade negotiations between India and the US could yield beneficial results by September or October of this year,” he concluded.
