U.S. tariff increase, India-U.S. trade agreement negotiations, Self-reliant India initiative, and market instability - statements made by Nirmala Sitharaman in a Times Network exclusive interview on The Mega FM program

India, the world's sixth-largest economy, is poised to join the ranks of the top three economic powers by 2028, according to Finance Minister Nirmala Sitharaman. Currently, the United States, China, and Japan hold the top spots by nominal GDP.

However, India faces challenges in achieving this goal. Global uncertainty and market volatility, triggered by various international issues, pose significant hurdles. The country's biggest challenge, as Sitharaman herself acknowledges, is navigating these global uncertainties.

Despite these challenges, India continues its trade negotiations with the United States. It's important to note that India has not offered zero tariffs to the US, a common misconception. The ongoing negotiations between the two countries will likely shape the economic relationship moving forward.

The impact of potential 50% US tariffs on India's GDP is a topic of discussion. While such tariffs could have an effect, the impact is not expected to be significant, according to recent assessments.

To bolster the economy, Sitharaman is focusing on GST reforms for 2025. These reforms are expected to positively impact every citizen's life, making goods and services more affordable and streamlining the tax system. The Finance Minister has also announced that she will personally monitor the passthrough of GST cuts to ensure their effectiveness.

Another key area of focus is India's need for a new wave of privatisation. This move is aimed at boosting efficiency and productivity in various sectors of the economy.

In the face of these challenges, the 'Aatmanirbhar Bharat' (Self-reliant India) initiative has taken on renewed importance. This initiative, launched in 2020, aims to make India economically self-reliant and less dependent on global markets.

As India continues its economic journey, it's clear that the Finance Minister is committed to driving reforms that will benefit the citizens and position India as a global economic powerhouse.

U.S. tariff increase, India-U.S. trade agreement negotiations, Self-reliant India initiative, and market instability - statements made by Nirmala Sitharaman in a Times Network exclusive interview on The Mega FM program