&w=3840&q=100)
Trump to realise trade policy failure within 6-9 months, says EAC-PM member
On August 6, the US announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total duty to 50 per cent effective August 27.
The White House said the measure responds to India's continued purchase of Russian oil.
"It is reasonably clear that in the next 6-9 months, they will figure out that it (tariff policy) is not working," Mishra said while speaking at the Business Today India@100 event.
He noted that the US government's decision to announce additional 25 per cent tariff on all Indian imports is an attempt to break away from India.
"This (Trump) regime is acting in a way that it is very hard to understand who is taking decisions," Mishra said.
The EAC-PM member observed that the Indian economy is unlikely to grow at 9-10 per cent on a sustainable basis.
"India has been growing at a reasonable rate... 7 per cent growth is doable, achievable," he said.
Speaking at the same event, former Deputy Chairman of erstwhile Planning Commission Montek Singh Ahluwalia said Trump has upended the rule-based trading system and is acting like a bully.
"Most economists think that his policies will not make America great again... Full effect of his tariffs will be felt in the next 3-4 months," Ahluwalia said.
He said India should try to negotiate with the US to get a good trade deal. Ahluwalia noted that India has been growing at an average of 6.5 per cent for the last 23 years.
"It is a crisis time... 6.5 per cent economic growth rate is not good enough, as it is not generating enough jobs," he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
a minute ago
- Time of India
Jane Street blow pushes Indian quants to ancient Greek idea to thrive
Quant traders often look for inspiration from the likes of Ed Thorp or Ken Griffin. But the Indian quants, at least for now, are looking up to the ancient Greeks. Because the battlefield isn't the trading floor, but a different one. As quant strategies draw growing attention — and scrutiny — post the Jane Street episode, over 200 practitioners from across the country gathered earlier this month in Gurugram to address common challenges and chart
Hindustan Times
a minute ago
- Hindustan Times
PM Narendra Modi says economy strong, seeks self-reliance in tech
India is the world's fastest-growing major economy and is rapidly moving towards becoming a global leader, Prime Minister Narendra Modi said in Bengaluru on Saturday, days after US President Donald Trump described the country's economy as 'dead' amid escalating trade tensions between the two nations. PM Narendra Modi with Karnataka CM Siddaramaiah, deputy CM DK Shivakumar, and Union minister Manohar Lal during a Metro ride in Bengaluru on Sunday. (ANI) Addressing a public gathering after inaugurating the 19-kilometre Yellow Line of the Bengaluru Metro, Modi said India was on track to become one of the world's top three economies as he credited the country's economic momentum to the central government's 'reform, perform, transform' approach. 'India is currently the fastest-growing major economy in the world. In the past eleven years, India's economy has risen from the 10th position to the top five globally and is rapidly progressing towards becoming one of the top three economies,' he said. The PM's endorsement of the country's economic growth came after Trump, on July 30, announced 25% punitive tariffs on Indian goods entering America for purchasing Russian oil. A day later he again targeted India, saying, 'I don't care what India does with Russia… They can take their dead economies down together, for all I care.' On August 6, he signed an executive order imposing an additional 25% tariff on Indian goods. India has called the American actions 'unfair, unjustified and unreasonable' and said it will take all actions necessary to protect its national interests. In his address, Modi also called for the country to accelerate its self-reliance in the technology sector as he pressed for a stronger 'Tech Atmanirbhar Bharat'. 'Indian tech companies have made their mark on the global stage. They have built software and products for the world. The time has come to give greater priority to the needs of India. We must move forward in manufacturing new products,' he said. The statement was in line with his August 2 remarks in which he called on citizens to adopt the spirit of 'swadeshi' and support locally made products, stressing that true service to the nation lies in promoting indigenous goods amid global economic uncertainties. The additional 25% tariffs, due to take effect on August 27, will put Indian exporters at a significant disadvantage compared to their rivals in Bangladesh, Indonesia and Vietnam – which face tariffs of between 19% and 20%. In his speech, Modi said that the country's rapid pace of development was linked to its economic growth as he focused on the rise of the country's exports. 'Before 2014, India's total export was $468 billion, but today it is $824 billion. We used to import mobile phones but now we are among the top five exporters of mobile handsets. Our electronic export before 2014 was $6 billion, which has gone up to $38 billion dollars,' Modi said. He added: 'These achievements give strength to our concept of Atmanirbhar Bharat (self-reliant India). We will march together and build a developed India.' Karnataka chief minister Siddaramaiah, deputy chief minister DK Shivakumar, Union ministers Manohar Lal Khattar and Ashwini Vaishnaw were also present on the occasion. During his visit, the PM also laid the foundation stone for the Bangalore Metro Phase-3 project and flagged off three Vande Bharat Express trains as he underscored the country's growing infrastructure footprint across sectors by highlighting the increase in the number of metro rail services, railway lines, airports, AIIMS and IITs. This was the first time Modi visited Bengaluru since Operation Sindoor, India's military action against terror hubs in Pakistan and Pakistan Occupied Kashmir (PoK) in retaliation to April's Pahalgam attack, in which 26 civilians were killed. Modi credited the success of the operation to indigenous defence technologies. 'A key factor in the operation's success was 'Make in India' in defence, which had immense contribution from the youth of Karnataka and Bengaluru,' he said. I congratulate the youth of this state,' he said, adding that Pakistan, which 'came to defend the terrorists', was forced 'to its knees' within hours. Praising the city's global standing, he called Bengaluru 'a city that has become a symbol of the rise of the new India… A city that has put India's flag on the global IT map. If there is anything behind Bangalore's success story, it is the hard work and talent of its people.' Siddaramaiah, who spoke before Modisaid the state has been spending more than the Centre on Bengaluru's metro network, even though the project is meant to be jointly funded. 'Works for the Bengaluru Metro started in 2005 when Dr Manmohan Singh was the Prime Minister, and the agreement was to take up works in a 50:50 fund ratio. However, the state's contribution to building the metro is high,' he said, urging the Centre to match Karnataka's funding model with that of Maharashtra and Gujarat. In response, Modi called for cooperation over political rivalry. 'Whether it is the central government or the state government, all are committed to serving the people,' he said.
Economic Times
a minute ago
- Economic Times
Jane Street blow pushes Indian quants to ancient Greek idea to thrive
Quant traders often look for inspiration from the likes of Ed Thorp or Ken Griffin. But the Indian quants, at least for now, are looking up to the ancient Greeks. Because the battlefield isn't the trading floor, but a different one. As quant strategies draw growing attention — and scrutiny — post the Jane Street episode, over 200 practitioners from across the country gathered earlier this month in Gurugram to address common challenges and chart
