‘From Swatantra Bharat to Samridh Bharat; deepening int’l relations, economy is resilient, and must grow at 10% annually’  

Implementing economic reforms has never been easy for India, but now the nation is exploring how to speed up reforms, and diversify trade—by deepening relationships with major economies around the globe, according to economists, experts and industrialists.

Economic reforms will bear fruit. India, industrialists said, would greatly benefit from economic integration—which is even more important at a time when global trade faces Trump’s tariff shocks. And, India is accelerating growth-oriented reforms such as GST restructuring and personal income tax reforms.

“Despite geopolitical uncertainty, one truth is crystal clear. India is on the rise, and India’s rise is unstoppable, opines Mukesh Ambani, chairman of Reliance Industries. 

“Today, India already ranks among the world’s top four global economies. The GDP is growing faster than all major economies. With the right set of reforms, advanced manufacturing capabilities, and a national priority on deep tech, our economy can grow at 10% annually,” Ambani said.

This, he said, will mean that the per capita income of Indians could rise 4-5 times within the next two decades, making India not just a prosperous nation but also a more equal nation. 

“More importantly, India has the ability, and the responsibility, to create an India-first model of development. This model harmonises technology with democracy, economy with culture, spirituality with science, and national aspirations with friendship across all nations.” 

RBI governor Sanjay Malhotra said, “Generations of freedom fighters gave us a free India, a Swatantra Bharat. We need to now work for a Samridh Bharat, a prosperous India. 

“Proactive fiscal and monetary policies, structural reforms, massive upscaling of both physical and digital infrastructure, improved governance and enhanced productivity and competitiveness, have all contributed to this impressive performance.” 

The role of monetary policy, Malhotra said, in economic prosperity is critical. One of the major conduits of macroeconomic stability in India during recent years despite multiple shocks, has been the decline of inflation. 

The RBI, he said, will continue to conduct monetary policy with the primary objective of price stability keeping in view the objective of growth.

 On the 50% punitive US tariffs on Indian products, Maruti Suzuki India Chairman R C Bhargava said, “It is our duty as Indians to do our very best to promote and maintain our dignity and respect and not give in to any kind of bullying.”

 On GST, he said the restructuring plan is a major economic reform. We are all hopeful that the proposal which the Prime Minister made will result in the GST of small cars reducing to 18% but we have to wait till the official announcement is made.”

Dr. Manoranjan Sharma, chief economist at Infomerics Ratings said, “Trump’s staggering 50% tariffs impacted about 70% of India’s exports to the US, valued at $60.85 billion. Sectors, including textiles, gems and jewelry, garments, auto parts, shrimp, and furniture, will be affected with export losses ranging from $5 billion to $40 billion, and a potential reduction of 0.4 to 0.6 % of India’s GDP growth with debilitating hits on seafood, steel, diamonds, vehicles, electronics, carpets, etc. NIPFP warned up to $14 billion in export losses (0.4 % of GDP), with potential spillover effects on services.”