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Time of India
28-04-2025
- Business
- Time of India
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. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" 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. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by 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. Live Events 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 India stands very 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.
Time of India
28-04-2025
- Business
- Time of India
India will be fiercely competitive on many products due to comparative matrix of tariffs: 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. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" 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. 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. 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. Live Events "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. 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 India stands very 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.
The Print
22-04-2025
- Business
- The Print
Vance's visit takes India-US dialogue a step further: Scindia
In an interview with PTI, Scindia said India and the US represent 'tremendous markets', adding that closer cooperation between the two nations is not only mutually beneficial but also in the broader interest of the world. Vance began a four-day tour of India on Monday as the two nations engage in talks to nail a bilateral trade agreement that would avoid reciprocal tariffs. A 26 per cent 'reciprocal' tariff on Indian exports to the US is currently on a 90-day pause, set to expire on July 8. However, like other countries, India is presently subject to a 10 per cent tariff under the existing policy. New Delhi, Apr 22 (PTI) US Vice President J D Vance's visit to India takes dialogue between the two countries a step further, Union Minister Jyotiraditya Scindia said on Tuesday as New Delhi looks to stitch an early deal with Washington that spares it from President Donald Trump's additional tariff hikes. 'Vice President of the United States coming to India is a very welcome and a very important step. I think it takes that level of dialogue and communication one step further,' said Scindia, who is the Minister for Communications as well as Development of North Eastern Region (DoNER). Prime Minister Narendra Modi and President Trump share a warm personal rapport, but the US president has repeatedly criticised India's high tariffs, labelling it a 'tariff king' and a 'big abuser' of trade ties. The US is India's largest trading partner and the biggest buyer of its exports. New Delhi has already cut tariffs on a number of goods in the past few months and may consider doing so on more products to help cut a bilateral trade deal. India and the US are making progress in negotiating a bilateral trade deal, the countries had said after a meeting between Modi and Vance in Delhi on Monday. Citing Modi's visit to the US and his meeting with President Trump at the White House two months ago, as well as his meeting with Vance earlier, Scindia underlined the bond and synergies between the two nations. 'Our prime minister recently visited the United States, met with President Trump…he met with Vice President J D Vance…and I think this will go further in terms of taking forward our dialogues, not only in terms of our trade talks and other issues but also in terms of investment, also in terms of cooperation on many other fronts, be it defence, information technology, biotech, innovation, AI, and across the board,' the minister said. India and the US are the world's largest and the oldest democracies. 'They both present tremendous markets. We also have a huge added, very important form of 'ambassadorships' and that is our 'Pravasi Bhartiya' who are based in the US and they have created a tremendous amount of goodwill for Bharat in the United States and I think both these countries coming closer together, working closer together, is at the end of the day, in the interest of the world…in the political space, in the business space, even in the social sector space and even in the space with Sunita Williams,' he said. Vance, accompanied by Indian-origin Second Lady Usha Chilukuri, and their three children — sons Ewan, Vivek and daughter Mirabel, landed in Delhi on Monday on a largely personal four-day visit to India that comes amid growing global tensions over the US tariff. India and the US said on Monday that they made 'significant progress' in negotiations for a mutually beneficial bilateral trade pact as PM Modi and US Vice President Vance held wide-ranging talks focusing on boosting cooperation in areas of defence, energy and strategic technologies. The White House said Vance and Modi welcomed 'significant progress' in the negotiations for the trade pact and formally announced the 'finalisation of the terms of reference' for the negotiations, laying down a roadmap for further discussions about economic priorities. PTI MBI ANZ HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
