India will be fiercely competitive on many products due to comparative matrix of tariffs: Jyotiraditya Scindia
The current global tariff environment notwithstanding, India is expected to stay competitive due to its vast domestic market, scale advantages, and focus on innovation, Union Minister
Jyotiraditya Scindia
has said, asserting that seen even from the lens of a comparative matrix of tariffs vis-a-vis other nations, India holds a more favourable position. In a recent interview to PTI, Scindia - who is the Minister for Communications as well as Development of North Eastern Region (DoNER) -noted that given that other nations too face varying levels of tariffs, India will likely emerge "fiercely and much more competitive" across numerous products than before.
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The lucrative domestic market has drawn global multinational companies to set up a significant presence here, he said and cited the strong pace of India's economic growth and New Delhi's policy push on manufacturing and innovation.
"So I do believe that irrespective of the prevailing environment of tariffs, India will continue to be competitive because she has economies of scale behind her because innovation comes along with that economies of scale to be able to cater to such a large market. And therefore, even in comparison with other nations, India will remain to be competitive," the minister said.
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To a question on how he sees the US tariff situation playing out, the Minister said that the whole question of tariffs has to be seen from a comparative matrix point of view.
"So if you're a country that I used to compete with and the tariffs that have been put on you are possibly today double of what mine are. Where I used to be uncompetitive vis-a-vis you, I now become competitive. So, I think it is important to look at it not only from purely India-centric point of view but from a comparative matrix point of view," Scindia said.
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The Minister expressed confidence that for many products in many areas, India will emerge fiercely and much more competitive than prior to the tariffs being in place.
India has transformed itself from an infrastructure standpoint, and from an exporting nation standpoint as well, he said terming it "a monumental change".
"...you have to understand where we stand as an economy....Today, India stands very tall...We're today going to become the third-largest economy by 2028. We're today at almost a USD 4 trillion economy, USD 5 trillion by 2028, close to USD 6 trillion by 2030," the minister said.
From a country that used to import an overwhelming majority of its mobile phone requirement and produced merely 5 crore units, India is producing over 35 to 40 crore mobile phones, today.
"Our exports are over Rs 1,75,000 crore purely on mobiles," he said.
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