&w=3840&q=100)
Anand Mahindra urges India to turn tariff turmoil into "1991 moment"
Drawing parallels with the liberalisation that followed India's forex crisis more than three decades ago, Mahindra asked whether the current 'global Manthan' over tariffs could yield some 'Amrit' for the country.
In a social media post, Mahindra said the 'law of unintended consequences' was quietly reshaping global economic priorities, triggered by the tariff war unleashed by the United States. While the short-term impact has been marked by friction, he said longer-term effects were already emerging in significant and potentially positive shifts.
In Europe, he noted, the response to changing tariffs has gone beyond strategic trade adjustments. Countries such as Germany and France have ramped up defence spending, prompting a rethinking of security dependence and nudging Germany away from rigid fiscal conservatism. Mahindra said this could pave the way for an economic resurgence in Europe, giving the world a new growth engine.
Similarly, in Canada — long constrained by internal trade barriers among its provinces — Mahindra observed that the same global pressures were driving efforts to dismantle inefficiencies. This, he said, could bring the Canadian economy closer to becoming a true common market, enhancing long-term resilience.
These developments, Mahindra argued, show how unintended consequences can create major structural advantages. He urged India to act decisively to engineer its own set of outcomes that may seem unintended but are intentional in their transformative potential.
He called for a radical improvement in India's ease of doing business, proposing the creation of a genuinely effective single-window clearance system for investment proposals. Noting that many regulatory powers lie with individual states, Mahindra suggested forming a coalition of willing states to align with a national platform to streamline and simplify approvals. If India can demonstrate speed, transparency, and predictability in this area, he said, it could become an irresistible destination for global capital.
Mahindra also emphasised the need to unleash tourism as a major foreign exchange driver. Calling it one of India's most underexploited assets, he advocated urgent improvements in visa processing, tourist facilitation, and the creation of dedicated tourism corridors anchored in assured security, sanitation, and hygiene, serving as model destinations for replication nationwide.
In addition to these two focus areas, he recommended broader policy action to strengthen competitiveness and resilience, including liquidity support for MSMEs, faster infrastructure investment, expanded manufacturing through enhanced production-linked incentive (PLI) schemes, and import duty rationalisation to reduce input costs for domestic manufacturers.
Mahindra concluded with a call for intent-driven reform: 'Let the unintended consequences we create be the most intentional and transformative ones of all.' While acknowledging that no country can be faulted for putting its own interests first, he said India must use this moment to build a future greater than ever before.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
3 hours ago
- Economic Times
Canada rolls out biggest military pay raise in a generation, aiming to boost recruitment and retention
Synopsis Mark Carney, the Canadian Prime Minister, revealed a significant pay raise for the Canadian Armed Forces. The salary boost aims to bridge the gap between service demands and compensation. Lower ranks will benefit most, with starting salaries increasing by 20 percent. The package includes new bonuses and allowances. This move addresses recruitment challenges and supports NATO defense spending goals. AP Biggest military pay boost in decades aims to fix recruitment crisis and meet NATO goals Canadian Prime Minister Mark Carney on Friday(August 8) announced a sweeping pay and benefits overhaul for the Canadian Armed Forces, calling it the most significant compensation boost in nearly three decades and a critical step toward strengthening the military. Standing alongside uniformed personnel at Canadian Forces Base Trenton, Carney said the raises will help close a gap between the demands on service members and the pay they receive. 'These are the men and women we trust to wear the Maple Leaf, the Canadian flag, and to risk their lives for it,' Carney said. 'Your pay should reflect the weight of your responsibilities.'The new plan will see lower ranks benefit the most. Starting salaries for privates, sailors and aviators in the regular force will jump 20 percent, from $43,368 to $52,044, retroactive to April 1. Lieutenant-colonels and below will see a 13 percent raise, while colonels and above will receive 8 estimate the changes, which also include a series of new allowances and bonuses, will cost $2 billion annually. The package introduces a new Military Service Pay, an annual, pensionable bonus based on years of service, ranging from $2,000 for those serving 5-10 years to $6,000 for members with over 20 responding to domestic natural disasters will receive $45 a day, while those deployed in the Arctic will get higher land and sea duty allowances. Environmental allowances for adverse conditions will move to a flat $100 per address shortages in critical trades, including vehicle technicians, dental technicians and ship engineers, the military will offer up to $50,000 in targeted bonuses: $10,000 after basic training, plus $20,000 each upon trade qualification and contract benefits are also being revamped. Instead of allowances tied to rank, members will get $13,500 for each of their first three moves, climbing to $27,000 for the seventh and beyond. Those posted away from their families will receive new food, transportation and incidentals Canadian Armed Forces has been struggling to fill roughly 40 percent of its occupations, a shortage that impacts readiness. Officials say the new pay and benefits will make the military more competitive in attracting and keeping move also supports Carney's pledge to meet NATO's defense spending target of 2 percent of GDP this fiscal year and a new alliance goal of 5 percent by 2035. That includes 3.5 percent for core military capabilities and 1.5 percent for related infrastructure and investments.'At the core of our defense investment are the men and women of the Canadian Armed Forces,' Carney said. 'We're making up for years of underinvestment in people.'
Time of India
3 hours ago
- Time of India
Canada rolls out biggest military pay raise in a generation, aiming to boost recruitment and retention
Live Events More than a paycheck Recruitment and NATO goals (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Canadian Prime Minister Mark Carney on Friday(August 8) announced a sweeping pay and benefits overhaul for the Canadian Armed Forces , calling it the most significant compensation boost in nearly three decades and a critical step toward strengthening the alongside uniformed personnel at Canadian Forces Base Trenton, Carney said the raises will help close a gap between the demands on service members and the pay they receive.'These are the men and women we trust to wear the Maple Leaf , the Canadian flag, and to risk their lives for it,' Carney said. 'Your pay should reflect the weight of your responsibilities.'The new plan will see lower ranks benefit the most. Starting salaries for privates, sailors and aviators in the regular force will jump 20 percent, from $43,368 to $52,044, retroactive to April 1. Lieutenant-colonels and below will see a 13 percent raise, while colonels and above will receive 8 estimate the changes, which also include a series of new allowances and bonuses, will cost $2 billion package introduces a new Military Service Pay, an annual, pensionable bonus based on years of service, ranging from $2,000 for those serving 5-10 years to $6,000 for members with over 20 responding to domestic natural disasters will receive $45 a day, while those deployed in the Arctic will get higher land and sea duty allowances. Environmental allowances for adverse conditions will move to a flat $100 per address shortages in critical trades, including vehicle technicians, dental technicians and ship engineers, the military will offer up to $50,000 in targeted bonuses: $10,000 after basic training, plus $20,000 each upon trade qualification and contract benefits are also being revamped. Instead of allowances tied to rank, members will get $13,500 for each of their first three moves, climbing to $27,000 for the seventh and beyond. Those posted away from their families will receive new food, transportation and incidentals Canadian Armed Forces has been struggling to fill roughly 40 percent of its occupations, a shortage that impacts readiness. Officials say the new pay and benefits will make the military more competitive in attracting and keeping move also supports Carney's pledge to meet NATO's defense spending target of 2 percent of GDP this fiscal year and a new alliance goal of 5 percent by 2035. That includes 3.5 percent for core military capabilities and 1.5 percent for related infrastructure and investments.'At the core of our defense investment are the men and women of the Canadian Armed Forces,' Carney said. 'We're making up for years of underinvestment in people.'
Time of India
4 hours ago
- Time of India
Poilievre battles Canada's biggest ballot ever in Alberta showdown
Poilievre slams 'longest ballot scam' Live Events Back on the trail How the ballot works The stakes for Poilievre (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Advance voting has begun in Alberta's Battle River–Crowfoot byelection , where Conservative Leader Pierre Poilievre is fighting to return to Parliament , and battling the largest federal ballot in Canadian race features 214 candidates, forcing Elections Canada to scrap the traditional printed ballot in favor of a blank write-in sheet. Voters must handwrite the name of their preferred candidate, a change officials say is necessary to handle the unprecedented vote was triggered when Conservative MP Damien Kurek stepped down just weeks after winning in April, clearing the way for Poilievre, who lost his longtime Ottawa seat of Carleton in the general Poilievre are Liberal Darcy Spady, NDP's Katherine Swampy, the People's Party's Jonathan Bridges, Green Ashley MacDonald, independent Bonnie Critchley, and more than 200 others, many tied to the Longest Ballot Committee, a group pushing electoral accused the group of 'flooding the ballot' with candidates who aren't campaigning, making voting more confusing and time-consuming. 'They just want to inundate the ballot to confuse the situation,' he said, calling for reforms to raise nomination requirements and force each candidate to have their own financial candidate Critchley agreed the tactic was disruptive, noting that some contenders don't even live in the across the rural riding, Poilievre says voters are frustrated with Ottawa's treatment of Alberta, particularly on resource issues. 'The era of 'pay up and shut up' has got to come to an end,' he told reporters in polls run until Monday(August 11) . Early voting by mail or at the local Elections Canada office is open until Aug. 12. Election day is Aug. voters arrive at advance polling stations, they are handed a blank sheet and a coil-bound, 32-page laminated booklet listing every candidate alphabetically by surname. To cast a ballot, they must handwrite their chosen candidate's errors are acceptable as long as the voter's intent is clear, according to Elections Canada. However, a ballot listing only a political party, without the candidate's name, will not be Battle River–Crowfoot is historically one of the safest Conservative ridings in Canada, the unusual ballot format and massive candidate list create a degree of Poilievre, the outcome is more than just about winning a seat, it's about regaining a platform in the House of Commons after being shut out since April. His return is crucial for his leadership visibility and for keeping the Conservative opposition active in Parliament.
