ALSO READFirst tranche of trade pact with US by November: Piyush Goyal
“I don’t think India needs to do more than what it is already doing. We have increased our purchases of fuel and defence products from the US…Overseas direct investments that the Indian businesses have made in the US over the last 20 years [has also increased],” he said.
What is govt doing to deal with tariff blow?
Nageswaran went on to state that if the government takes into account the amount of data US service companies, like Meta and Google, are collecting from India then the US will be “in massive trade surplus” with the country. “We continue to do what we are doing. I think there will be certain recalibrations made from the other side,” the CEA said.
ALSO READGST 2.0: States set to gain Rs 14.1 lakh crore even after proposed rate rationalisation, says SBI Research
Targeted intervention programs
While talking about what the government is doing to bring relief to Indian industries and exporters, Nageswaran said that with the advancement of digital public infrastructure in India in the last few years, the Centre can now design intervention programs on an enterprise level. “During COVID, targeted relief programs were executed for businesses. Those will be the approaches we should be taking,” he added.