Finance Minister Nirmala Sitharaman said she is “not worried” about proposed US tariffs, asserting that India’s economic strengths must be considered alongside efforts to address challenges.CompanyValueChange%ChangeIn an interview with PTI on February 2, Sitharaman said India’s manufacturing ambitions, strong services sector, and advancements in artificial intelligence and STEM research will remain its key economic drivers.“I am not worried, I am fairly looking at India’s position, India’s economy particularly when we want India to be a manufacturing hub, India’s economy when we have strength in our services sector, India’s indigenous capability in terms of software, artificial intelligence and STEM-based researches going on in India. So, I would think that India’s strengths will have to be kept in mind, as much as working for removing the challenges for our own sake,” she said.
Also Read: FM Sitharaman on rupee depreciation against dollarShe pointed out the need for a balanced tariff approach, ensuring that domestic industries are protected without unnecessary barriers to essential imports.“For particular sectors, having high tariffs is not going to help them because even some of the products which are not available in India, they will have to import, and if they have to import, I don’t gain anything by having a high tariff and stopping them from coming into India, stopping them meaning those products,” she explained.Sitharaman added that India’s trade policy must align with its broader economic vision, particularly in fostering MSME growth and strengthening the country as a global manufacturing hub.“I need to have a balance in the way in which India’s interest as regards production, as regards becoming a manufacturing hub, as regards MSME and their capability, will have to be kept in mind. So, I am looking at it from those points,” she said.First Published: Feb 2, 2025 3:59 PM IST
