Niti Aayog CEO BVR Subrahmanyam emphasized that India must reduce tariffs for its own benefit, regardless of external pressures. He highlighted the need for India to prioritize openness to global markets and finalize trade agreements with major economies like the EU and UK. Deregulation at both central and state levels is also crucial for integrating into global supply chains.
NEW DELHI: Tariff does not protect any country and India needs to cut tariffs for its own good, irrespective of who tells India to do so, Niti Aayog CEO BVR Subrahmanyam said at an event on Friday.
Subrahmanyam said that being open to the world has to be among the top five priorities of India if it wants to become a developed country.
To cut tariffs, India must complete trade agreements with the EU, the UK and other major economies, he added.
He stressed deregulation at both central and state levels are critical for making India a part of the global supply chains. There is interest in India but people visit, see and fly to other countries, he said.
