Latest news with #AmitabhKant
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Business Standard
a day ago
- Business
- Business Standard
India must not yield to US pressure in trade talks: Amitabh Kant
India should never lose its strategic autonomy, never yield to pressure while negotiating trade deals with the US, former G20 Sherpa Amitabh Kant said on Friday, while suggesting that the country should look at a long-term perspective and behave in a calm and collected manner. Speaking at the Business Today India@100 event, Kant said India should use trade-related uncertainties as a unique opportunity to carry out very vigorous reforms in the economy. "We still have 20 days for these (US) tariffs to kick in. We should never yield to pressure, but we should negotiate in a very rational manner, in a sensible manner, and I think there is plenty of time to be able to arrive at an agreement," he said. On August 6, the United States 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 was in response to India's continued purchase of Russian oil. "My view is that we should never lose our strategic autonomy. We have never lost that strategic autonomy, even during the Cold War period. "And India should never bend, but we should behave in a very cool, calm and collected manner, as is being done at present. And we should look at a long-term perspective on this," Kant said. The former NITI Aayog CEO also said there is a critical need to simplify the goods and services tax (GST) regime and eliminate unnecessary rules and procedures -- especially at the state level. "Even startups are taking too long just to register. My key message: no rules, no policies, no laws more than two pages," he said. Kant also pitched for radically improving the personal income tax on which a lot of work has already been done. US President Donald Trump's "dead economy" jibe, he said India is anything but a dead economy because India is the fastest-growing large economy. "We are the fourth largest economy in the world. "We will shortly be the third largest economy in the world, more than anything else, India has carried out very major structural reforms in its economy," Kant said. Kant suggested that the government should give a massive thrust to travel and tourism, because it is tariff proof. "We should be getting tourists from abroad, because... there is no tariff," he pointed out. Noting that India is bigger than 24 countries of Europe, Kant said every state of India must have its brand and every state must push for tourism. Kant emphasised that India needs just 12 champion states growing at 10 per cent to lift national growth to 9 per cent. "You already have growth coming from the south and west. Now the opportunity lies in the east... These are mineral-rich states. There's no reason they should not be growing at 9-10 per cent per annum," he said.
News18
a day ago
- Business
- News18
India should not yield to pressure while negotiating trade deal with US: Kant
New Delhi, Aug 8 (PTI) India should never lose its strategic autonomy, never yield to pressure while negotiating trade deals with the US, former G20 Sherpa Amitabh Kant said on Friday, while suggesting that the country should look at a long-term perspective and behave in a calm and collected manner. Speaking at the Business Today India@100 event, Kant said India should use trade-related uncertainties as a unique opportunity to carry out very vigorous reforms in the economy. 'We still have 20 days for these (US) tariffs to kick in. We should never yield to pressure, but we should negotiate in a very rational manner, in a sensible manner, and I think there is plenty of time to be able to arrive at an agreement," he said. On August 6, the United States 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 was in response to India's continued purchase of Russian oil. 'My view is that we should never lose our strategic autonomy. We have never lost that strategic autonomy, even during the Cold War period. 'And India should never bend, but we should behave in a very cool, calm and collected manner, as is being done at present. And we should look at a long-term perspective on this," Kant said. The former NITI Aayog CEO also said there is a critical need to simplify the goods and services tax (GST) regime and eliminate unnecessary rules and procedures — especially at the state level. 'Even startups are taking too long just to register. My key message: no rules, no policies, no laws more than two pages," he said. Kant also pitched for radically improving the personal income tax on which a lot of work has already been done. US President Donald Trump's 'dead economy" jibe, he said India is anything but a dead economy because India is the fastest-growing large economy. 'We are the fourth largest economy in the world. 'We will shortly be the third largest economy in the world, more than anything else, India has carried out very major structural reforms in its economy," Kant said. Kant suggested that the government should give a massive thrust to travel and tourism, because it is tariff proof. 'We should be getting tourists from abroad, because… there is no tariff," he pointed out. Noting that India is bigger than 24 countries of Europe, Kant said every state of India must have its brand and every state must push for tourism. Kant emphasised that India needs just 12 champion states growing at 10 per cent to lift national growth to 9 per cent. 'You already have growth coming from the south and west. Now the opportunity lies in the east… These are mineral-rich states. There's no reason they should not be growing at 9-10 per cent per annum," he said. PTI BKS TRB view comments First Published: August 08, 2025, 20:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
India Today
a day ago
- Business
- India Today
India not a dead economy, poised to become 3rd-largest in world: Amitabh Kant
India is far from being a dead economy, former NITI Aayog CEO Amitabh Kant said, countering US President Donald Trump's recent remark. In a firm rebuttal, Kant asserted that India is not only the fastest-growing large economy today but also poised to become the third-largest globally in the near future.'India is anything but a dead economy because India is the fastest-growing large economy. We are already the fourth-largest in the world and will shortly become the third-largest,' he credited this momentum to sweeping structural reforms, rapid digitisation, and aggressive infrastructure development. 'We've carried out major reforms like GST and the Insolvency and Bankruptcy Code (IBC),' he said. 'We've digitised our economy in a way no other country has.' He also pointed to India's infrastructure push—from universal electrification and mass housing to the construction of over 88,000 km of roads. 'No other country has built infrastructure at this scale in recent times,' he digital and green growth, Kant noted India's leadership in digital payments and identity infrastructure. 'No other country in the world has digital identities for 1.5 billion people. We also lead in fast payments. That gives a huge impetus to growth,' he to India's resilience, Kant added, 'India always delivers when there is a crisis, and to my mind this is an opportunity to really eliminate a vast number of rules, procedures, and regulations which exist.'His comments come as a strong counter to Trump's statement and highlight India's long-term economic ambition and confidence amid global uncertainty.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
Time of India
2 days ago
- Business
- Time of India
Donald Trump tariffs: Amitabh Kant describes hike as a ‘once in a generation' reform opportunity; urges to ‘fully utilise' crisis
File photo: Ex-Niti Aayog CEO Amitabh Kant (Picture credit: PTI) Former G20 Sherpa and ex-Niti Aayog CEO Amitabh Kant has called the steep hike in US tariffs on Indian goods a 'once in a generation opportunity' for India to push forward with long-pending economic reforms. Reacting to US President Donald Trump's decision to double duties on a wide range of Indian exports to 50%, Kant posted on X, 'Trump has provided us a once in a generation opportunity to take the next big leap on reforms. Crisis must be fully utilised.' — amitabhk87 (@amitabhk87) As per ET, the revised tariff, which the Trump administration links to India's continued oil trade with Russia, will take effect in two stages. A 25% levy announced on July 30 has been implemented on Thursday at 9:30 am, Which will be followed by an additional 25% duty 21 days later. Trump, in a post on Truth Social, said India remained a 'friend' but criticised its trade barriers and energy ties with Moscow, stating, 'They have the most strenuous and obnoxious non-monetary Trade Barriers of any Country… and are Russia's largest buyer of energy, along with China. ' The move follows an executive order titled "Addressing Threats to the US by the Government of the Russian Federation," signed by Trump to penalise countries maintaining strong trade links with Russia. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was Everyone's Dream Girl In 90's, This Is Her Now The Latest Article Undo The order imposes an ad valorem duty in addition to existing tariffs. After the increase, India will face the highest tariff rate among its competitors in the US market—equal to Brazil at 50%. Others like Myanmar, Thailand, and China face significantly lower duties. Key Indian export sectors likely to be impacted include textiles, gems and jewellery, shrimps, leather, steel, copper, aluminium, and machinery. While vehicles will be taxed at 26%, petroleum products will attract a 6.9% duty. Pharmaceuticals, critical minerals, crude oil, refined fuels, and semiconductors are among the exempted categories. The move could severely hit Indian exporters. According to the Federation of Indian Export Organisations (FIEO), the new tariffs will impact nearly 55% of India's exports to the US. 'It is extremely shocking,' said FIEO DG Ajay Sahai, as quoted by PTI. The tariff hike also comes ahead of the sixth round of negotiations for the India-US Bilateral Trade Agreement (BTA), scheduled to begin on August 25. The US is pressing India for concessions on goods like EVs, wines, dairy items, and genetically modified crops. In 2024-25, bilateral trade stood at $131.8 billion, with Indian exports valued at $86.5 billion. Stay informed with the latest business news, updates on bank holidays and public holidays .
Hindustan Times
2 days ago
- Business
- Hindustan Times
‘Crisis must be fully utilised': Amitabh Kant reacts to Trump's tariff on India
Former NITI Aayog CEO Amitabh Kant on Thursday reacted to US President Donald Trump's imposition of an additional 25 per cent tariff on Indian goods, saying the move should be viewed as an opportunity to push forward key domestic reforms. Former NITI Aayog CEO Amitabh Kant calls Trump's new tariff on Indian goods a chance to push forward key domestic reforms.(PTI File) 'Trump has provided us a once in a generation opportunity to take the next big leap on reforms. Crisis must be fully utilised,' Kant wrote in a post on X (formerly Twitter). Trump on Wednesday imposed an additional 25 per cent tariff on Indian goods, citing New Delhi's continued purchase of Russian oil. The move, framed as a penalty, is expected to severely impact sectors such as textiles, marine products, and leather exports. Trump signed an executive order titled 'Addressing Threats to the US by the Government of the Russian Federation,' which enforces this new levy over and above the existing 25 per cent duty. The revised tariff structure will take effect from August 7. Following the order, most Indian goods, excluding a limited exemption list, will now face a total tariff of 50 per cent. Meanwhile, in a veiled message to US President Donald Trump, Prime Minister Narendra Modi on Thursday said that India will never compromise on the welfare of its farmers, dairy producers, or fishermen, even if it means paying a personal cost. Washington is pushing for greater access to India's agricultural and dairy markets, including reduced tariffs on American corn, soybeans, almonds, apples, and ethanol. India, however, remains firm in its resistance, citing the adverse impact such concessions could have on its rural economy and agrarian community. 'For us, the interests of farmers are our top priority. India will never compromise on the interests of its farmers, dairy farmers and fishermen,' said PM Modi. The Prime Minister was speaking at an international conference commemorating the birth centenary of MS Swaminathan, the pioneer of India's Green Revolution. Modi said he was willing to pay a high personal cost to safeguard the country's agrarian interests. 'I know that I will personally have to pay a heavy price. But I am ready for it,' he added.
