Our Bureau
Mumbai
The Chairman of the Mahindra Group, Anand Mahindra has advised India to up the ante by using the “unintended consequences” of the tariffs introduced by the President of the United States Donald Trump. He had advised the government to use the tariffs to their benefit to become the centre for global capital by improving the ease of doing business and empowering the country through tourism.
Mahindra stated that the ongoing tariff war has opened a door for India to use the “law of unintended consequences” which can become long-term positives for the country’s global growth. He highlighted 1991 forex reserves crises that gave a boost to liberalisation and asked if these tariff wars can yield” the same output for India.
“Shouldn’t India too seize this moment to shape a virtuous consequence for itself? Just as the 1991 forex reserves crisis triggered liberalisation, can today’s global ‘Manthan’ over tariffs yield some ‘Amrit’ for us?” Mr. Mahindra asked.
He advised that the state government, which are the ones that control investment regulations, should work with the centre during these times to take India to unprecedented heights as the world is looking for trusted partners in these tough times.
“India must go beyond incremental reform and create a genuinely effective single-window clearance system for all investment proposals. While states control many investment regulations, we can begin with a coalition of willing states aligning with a national single-window platform. If we demonstrate speed, simplicity, and predictability, we can make India an irresistible destination for global capital in a world seeking trusted partners,” he said.
Mahindra’s Chairman made these remarks in the aftermath of the announcement made by Donald Trump this Wednesday doubling the tariffs on India. He announced that India will now face 50% duty on their goods after India’s continuous imports of Russian oil. India has condemned this move by the US and called it “unfair, unjustified and unreasonable” which will affect many sectors in India.
