After GST, India is now planning to pitch for one more round of major economic reforms, with NITI Aayog CEO BVR Subrahmanyam stating that these changes again will be executed before the Diwali festival of 2025. These restructurings are likely to improve the competitiveness in manufacturing sector along with streamlining trade related policies of India, setting the stage for a cohesive and robust economy.
Manufacturing and Trade Reforms on the Horizon
BVR Subrahmanyam highlighted the requirement to cut off tariffs and dismantle non-tariff barriers causing delay in trade. The National Manufacturing Policy (NMP), is expected to be announced very soon and will covert the country’s shortage of manufacturing units, focusing on creating world-class ecosystems for trade and development.
The objective of this policy is to drive growth by leveraging manufacturing groups and lining up with global best practices.
Trade Agreement with the US: Deadline Looming
However, on an international front, Subrahmanyam specified that a trade agreement between India and the US is expected to be settle soon, ahead of the November 2025 deadline. This agreement is critical for the reason that India has the largest partnership with the US. The value of the bilateral trade between US-India is around $131.84 billion.
Therefore, India is aggressively trying to wipe off 25% additional tariffs on its exports, particularly those linked to Russian oil. If unsettled, these tariffs could negatively impact exports in the forthcoming holiday season.
India’s ongoing transformations are likely to drive significant economic transformation, aligning the country for tougher global trade integration.
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Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
He is committed to entrenched data, facts, research, solutions, and a dedication to value-based journalism. He has covered trade tariff wars, international alliances, corporate policies, government initiatives, regulatory developments, along with micro- and macroeconomic shifts impacting global fiscal dynamics.
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