Chairman of the Prime Minister’s Economic Advisory Council (EAC-PM), S. Mahendra Dev, shared that the Indian government has outlined a comprehensive strategy to tackle tariff-related issues. This strategy focuses on supporting industries, diversifying exports to Asian, African, and Latin American markets, engaging in free trade agreements, and conducting trade negotiations with the United States.
Dev emphasized the importance of sustaining a growth rate of 7–8% for India to achieve the goal of ‘Viksit Bharat’ (Developed India). He highlighted the need for the investment rate to increase to 35% from the current level of around 30% to support this growth trajectory.
Regarding economic growth projections, Dev mentioned that India’s GDP growth is anticipated to be approximately 7.4% this year, with expectations of moderating to between 6.5% and 7% next year. Over the past four years post-pandemic, India has maintained an average growth rate of about 7.7%.
Dev also noted the government’s efforts to enhance the ease of doing business as part of the reforms aimed at achieving the target of Developed India by 2047. Initiatives such as opening the nuclear sector to private companies, allowing 100% foreign direct investment in the insurance sector, and streamlining laws through decriminalization and deregulation have been undertaken.
