Trump’s high tariff pledge will provide huge export opportunities for India: NITI Aayog’s Subrahmanyam
The Hindu
NITI Aayog CEO discusses huge export opportunities for India due to Trump's tariffs, emphasizing the need for preparation.
U.S. President-elect Donald Trump's pledge to impose high tariffs on three of its trading partners, including China will provide huge export opportunities for India and the domestic industry should prepare itself to tap into that, NITI Aayog CEO B.V.R. Subrahmanyam said on Wednesday (December 4, 2024).
Mr. Trump last week vowed to introduce 25% tariffs (or customs duty) on imports from Mexico and Canada and an additional 10% on China.
"Whatever Trump has announced so far... I think there are opportunities for India. We are a man at first slip, the ball is coming in our direction. Are we going to hold it or drop the catch, it's for us to see... and I think, you will see some steps in next few months," Mr. Subrahmanyam told reporters here.
He said there is going to be huge disruptions because of that in the U.S. trade and that would open up "huge" opportunities for India.
"The question is if we actually prepare ourselves, it can lead to a massive boom... because there is going to be trade diversion," he added.
The U.S. is the largest trading partner of India. India's exports stood at $77.51 billion, while imports aggregated at $42.2 billion in the last fiscal. The U.S. also accounts for 70% of India's IT export revenue.
"Our relationship with the U.S. is multi-dimensional. It is very deep. It's not standing only on one leg which is trade, there are many many other dimensions. The two nations have a much deeper relationship and all these things will be taken into account," he said.
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