Strategic Reforms for Transformative Growth: India on the Cusp of a New Era

India must implement key strategic reforms, such as simplifying the customs duty structure and GST reforms, to ensure sustainable development. The Global Trade Research Initiative (GTRI) emphasizes the importance of maximizing the benefits for MSMEs, reducing reliance on China, and avoiding incentivizing low value-added electric vehicles.

India is at a pivotal moment, says the Global Trade Research Initiative (GTRI). The country must implement vital strategic reforms, including overhauling the complex customs duty structure and advancing GST reforms, to ensure sustainable development and inclusive growth.

The GTRI highlights the urgent need to streamline economic policies to boost sectors like MSMEs and reduce dependence on Chinese imports. Currently, 85% of customs duty revenue is drawn from just 10% of tariff lines, indicating significant room for improvement.

Moreover, the think tank advises against incentivizing low value-added electric vehicles, warning that this could lead to increased market dominance by Chinese manufacturers. Adopting these reforms could pave the way for India's transformative growth.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)