US tariffs a chance to boost 'Make in India', empower MSMEs: PHDCCI CEO

New Delhi, April 3 (IANS) Amid concerns over the US reciprocal tariffs, Ranjit Mehta, CEO of the PHD Chamber of Commerce and Industry (PHDCCI), said on Thursday that this is an opportunity for India for high-quality production and global expansion under the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.

He expressed confidence that under Prime Minister Narendra Modi’s leadership, India can turn the current trade challenges into an opportunity for growth.

"Prime Minister Narendra Modi and US President Donald Trump administration share good relations, and the Indian government is working on a bilateral trade agreement. The outcomes of these agreements could be seen in the next four to five months,” Mehta told IANS.

“This is an opportunity for India, and under Prime Minister Modi's leadership, it is the right time to push for 'Atmanirbhar Bharat' and 'Make in India.' We must focus on producing high-quality products," he added.

Mehta emphasised that while the tariffs pose challenges, India's economy is resilient, and new opportunities can be explored to minimise the impact.

He stressed the need for strong support for the Micro, Small, and Medium Enterprises (MSME) sector and access to alternative markets.

“Additionally, we should consider providing technological support to the MSME sector so that their products are fully prepared to compete at the global level and fetch the right value in the market," he stated.

Speaking to IANS, Mehta said that such a move is unprecedented and will have a global trade impact. However, he highlighted India's strong economic position, noting that the country is one of the fastest-growing economies with a vast market and high domestic consumption.

He also pointed out that Indian pharmaceutical exports have been exempted from the tariffs, which is a positive development for the sector.

Mehta acknowledged that industries like textiles, gems and jewelry, and electronics, which have a strong presence in the US market, might face challenges.

“However, the ongoing bilateral trade negotiations between India and the US could bring positive outcomes by September or October this year,” he added.

--IANS

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