Facing Ongoing US Challenges, Experts Urge India to Take Bold Steps in Trade

Trade Challenges for India: Seeking New Opportunities Amidst Tariff Pressures

Tensions between global powers continue to affect trade. Recent discussions between US President Donald Trump and Russian President Vladimir Putin didn’t bring any significant progress, leaving Indian exporters worried about the ongoing tariffs from the US.

Experts strongly believe that the chances of the US easing these tariffs anytime soon are slim. They suggest that instead of just waiting for better news, India should proactively search for new markets. This approach will help bolster domestic competitiveness and support sectors that rely heavily on exports.

Rajiv Kumar, a former Vice Chairman of NITI Aayog, points out that India must rethink its strategy. With the current US stance, he advises focusing on new international markets instead of relying heavily on the US. India should identify sectors where it has an edge, such as gems, jewelry, textiles, and leather goods. Expanding into these areas could help mitigate the impact of US tariffs and open doors to growth.

Looking to the dairy sector, Kumar mentions that it’s important to find practical solutions. Buying specific dairy products from the US could help maintain trade relations, but he stresses that this shouldn’t come at a cost to India’s own interests.

Ajay Kumar, founder of the Global Trade Research Initiative, agrees that there isn’t an immediate threat of more tariffs from the US based on recent developments. The focus should now be on India finding its own solutions to navigate the trade landscape.

In light of these challenges, surveys indicate that many Indian businesses are feeling the pinch. According to a recent report, about 60% of exporters are seeking alternative markets due to the tariffs, with several industries, like seafood and garments, actively looking for new buyers.

Overall, while the US market has become less stable for certain Indian products, the shift toward new opportunities could ultimately foster growth and resilience within the Indian economy. Investing in the right sectors and forging ahead with a clear strategy will be crucial in these challenging times.

For further reading on the impact of tariffs, you can check the US Tariff Impact Report.

Source link

INDIA US RELATIONS, US TARIFFS, DONALD TRUMP, US TARIFF INDIA, WITH NO US RELIEF IN SIGHT INDIA MUST ACT ON TRADE FRONT EXPERTS