Mumbai: Finance Minister Nirmala Sitharaman Thursday said India will focus on policy agility amid an intensifying tariff war between the two biggest economies on the planet, seeking to mitigate the expected adverse impact on supply chains due to the surge in protectionism.
"The recalibration efforts on trade are very challenging...it is worrisome, but also very challenging," the minister said at a Mumbai event marking the 150th anniversary of the BSE.
"India is confident that we will navigate these global disruptions with policy agility and long-term vision. Our focus remains firmly on building a robust domestic foundation - laid and strengthened through infrastructure development, inclusive growth, and deeper regional cooperation," Sitharaman said.
"These are not just buffers to external shocks, but also accelerators to our long-term growth aspirations," she said.
The ongoing trade recalibrations globally could increase production costs and create uncertainty in investment decisions across borders, Sitharaman said.
Earlier this month, US President Donald Trump announced imposition of tariffs on most countries, including India. This had led to concerns of a slowdown in global growth and stock markets worldwide faced turmoil. However, the markets recovered after Trump announced a 90-day pause on the implementation of reciprocal tariffs - with the exception of China.
"It is a VUCA - volatile, uncertain, complex, and ambiguous - world. One thing stands firm - the strength of the Indian economic fundamentals and the macroeconomic prudence with which the economy is being managed," the minister said. "We offer investors, who are the nerve centres of the stock exchange, a combination of policy stability, growth, governance and innovation, macroeconomic prudent policies, and democratic institutions."
"The recalibration efforts on trade are very challenging...it is worrisome, but also very challenging," the minister said at a Mumbai event marking the 150th anniversary of the BSE.
"India is confident that we will navigate these global disruptions with policy agility and long-term vision. Our focus remains firmly on building a robust domestic foundation - laid and strengthened through infrastructure development, inclusive growth, and deeper regional cooperation," Sitharaman said.
"These are not just buffers to external shocks, but also accelerators to our long-term growth aspirations," she said.
The ongoing trade recalibrations globally could increase production costs and create uncertainty in investment decisions across borders, Sitharaman said.
Earlier this month, US President Donald Trump announced imposition of tariffs on most countries, including India. This had led to concerns of a slowdown in global growth and stock markets worldwide faced turmoil. However, the markets recovered after Trump announced a 90-day pause on the implementation of reciprocal tariffs - with the exception of China.
"It is a VUCA - volatile, uncertain, complex, and ambiguous - world. One thing stands firm - the strength of the Indian economic fundamentals and the macroeconomic prudence with which the economy is being managed," the minister said. "We offer investors, who are the nerve centres of the stock exchange, a combination of policy stability, growth, governance and innovation, macroeconomic prudent policies, and democratic institutions."
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