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US tariffs on China boost India’s manufacturing prospects: V Anantha Nageswaran
Industry News- May 05,25
On India’s broader economic outlook, Nageswaran estimated a growth rate of 6.5% for FY2024-25, supported by improving exports and strong momentum into the first quarter of FY2025-26.
Chief Economic Advisor (CEA) V Anantha Nageswaran said global disruptions, including US tariffs on China, are opening new opportunities for India’s manufacturing sector. Speaking at an Ashoka University event, Nageswaran noted that despite concerns over the ripple effects of tariffs on global demand and investment, India stands to benefit as companies seek alternatives to China, intensifying the 'China plus one' strategy.
He pointed out that lower crude oil prices, now at around $60 per barrel, offer India a fiscal advantage by reducing input costs. Highlighting the diversity among Indian states, Nageswaran stressed that manufacturing strategies will vary based on each state’s per capita income, with some focusing on labour-intensive industries and others on capital-intensive sectors.
On India’s broader economic outlook, Nageswaran estimated a growth rate of 6.5% for FY2024-25, supported by improving exports and strong momentum into the first quarter of FY2025-26. He emphasised that economic reforms require not just government action but also engagement from the private sector, judiciary, media, and civil society. Priority areas identified include energy transition, job creation, AI adoption, capital formation, skilling, food security, and strengthening SMEs.
(Deccan Herald & PTI)
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