NEW DELHI — The Indian government is pursuing a four-pronged strategy to tackle tariff-related challenges while sustaining strong economic growth, Chairman of the Prime Minister’s Economic Advisory Council (EAC-PM) S. Mahendra Dev said on Saturday.
Speaking to IANS on the sidelines of the SKOCH Summit here, Dev said the approach focuses on supporting domestic industries, diversifying exports, expanding free trade agreements (FTAs), and continuing trade negotiations with the United States.
He outlined the strategy as strengthening Indian industries, broadening export markets across Asia, Africa and Latin America, signing FTAs with key partners, and maintaining dialogue with the US on a potential trade deal.
On India’s goal of becoming a ‘Viksit Bharat’ (Developed India), Dev noted that countries such as Japan and South Korea have already achieved developed-nation status.
“India has the right policy framework, but sustaining a growth rate of 7 to 8 per cent is essential,” he told IANS, adding that the investment rate needs to increase to 35 per cent from the current level of about 30 per cent to support long-term growth.
Commenting on the economic outlook, Dev said India’s GDP growth is expected to be around 7.4 per cent this year, while growth next year may moderate to between 6.5 per cent and 7 per cent.
“In the four years since the pandemic, India’s average growth rate has been about 7.7 per cent,” he said.
Dev also highlighted the government’s push to improve ease of doing business as part of its roadmap to achieving Developed India status by 2047. He cited recent reforms including opening the nuclear sector to private companies, approving 100 per cent foreign direct investment in the insurance sector, and decriminalising and deregulating several laws. (Source: IANS)
