India's Tariff Policy: Balancing Domestic Growth and Global Competitiveness

India's tariff policy, discussed by Union Minister Jitin Prasada, aims to regulate trade, protect domestic industries, and generate revenue. Recent reforms focus on streamlining tariffs to improve economic growth and global competitiveness, while balancing domestic and international trade interests.

India's tariff policy, a crucial element in regulating trade and protecting domestic industries, was a focal point in the Lok Sabha as Union Minister Jitin Prasada addressed recent statements from NITI Aayog on tariffs and economic growth.

Prasada emphasized that India's strategy includes achieving economic growth and boosting its global economic presence. He remarked that the government's ongoing reforms are tailored to streamline the tariff structure and further promote trade.

Additionally, reforms to address inverted duty structures aim to lower production costs and foster domestic manufacturing, though challenges in balancing domestic industry protection and competitiveness persist.

(With inputs from agencies.)