New Delhi— Amid concerns over reciprocal tariffs imposed by the United States, Ranjit Mehta, CEO of the PHD Chamber of Commerce and Industry (PHDCCI), on Thursday described the situation as a strategic opportunity for India to strengthen its manufacturing capabilities and expand globally under the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.
Mehta expressed confidence that under the leadership of Prime Minister Narendra Modi, India can transform current trade challenges into pathways for economic growth.
“Prime Minister Modi and the US administration have maintained strong relations, and efforts are underway to finalise a bilateral trade agreement,” Mehta told IANS. “We may see tangible outcomes from these discussions within the next four to five months.”
He stressed that the current moment offers India a chance to deepen self-reliance and focus on producing high-quality, globally competitive goods.
“While the imposition of tariffs poses certain challenges, India’s economy is resilient,” Mehta noted. “We should view this as an opportunity to open new markets and enhance domestic manufacturing.”
Underscoring the vital role of the Micro, Small, and Medium Enterprises (MSME) sector, Mehta called for increased support and the provision of advanced technological tools to help MSMEs compete on a global scale.
“To ensure our MSMEs can succeed internationally, we must equip them with the technology and resources needed to deliver high-quality products that can fetch fair value in global markets,” he added.
Mehta also acknowledged that the US tariffs are an unprecedented move with potential ripple effects on global trade. However, he pointed out that India remains one of the fastest-growing economies in the world, backed by a large domestic market and robust consumption patterns.
He welcomed the exemption of Indian pharmaceutical exports from the tariffs, calling it a “positive development” for the sector.
At the same time, Mehta admitted that some industries—such as textiles, gems and jewelry, and electronics—may face headwinds due to their significant exposure to the US market.
“However,” he added, “ongoing trade negotiations between India and the US could yield encouraging results, possibly by September or October this year.” (Source: IANS)
