{"id":1301133,"date":"2025-10-07T09:08:30","date_gmt":"2025-10-07T03:38:30","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1301133"},"modified":"2025-10-07T09:09:05","modified_gmt":"2025-10-07T03:39:05","slug":"next-round-of-economic-reforms-likely-before-diwali-niti-aayog","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/next-round-of-economic-reforms-likely-before-diwali-niti-aayog\/","title":{"rendered":"Next Round Of Economic Reforms Likely Before Diwali &#8211; NITI Aayog"},"content":{"rendered":"\n<p>India must <strong>lower tariffs and remove non-tariff barriers<\/strong> to strengthen its manufacturing competitiveness and integrate better into global value chains, according to <strong>NITI Aayog CEO BVR Subrahmanyam<\/strong>. Speaking at the launch of <em>Trade Watch Quarterly<\/em> (Q4FY25), he stressed that the upcoming <strong>National Manufacturing Policy (NMP)<\/strong> would focus on building clusters and creating a world-class ecosystem for trade and exports.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"465\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/ify-10-1.png\" alt=\"Next Round Of Economic Reforms Likely Before Diwali - NITI Aayog\" class=\"wp-image-1301140\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/ify-10-1.png 1000w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/ify-10-1-300x140.png 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/ify-10-1-768x357.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Tariff Reforms and Manufacturing Gaps<\/h3>\n\n\n\n<p>Subrahmanyam highlighted that <strong>India lacks several key manufacturing intermediates<\/strong>, making it <a href=\"https:\/\/www.financialexpress.com\/policy\/economy-another-round-of-next-gen-reforms-likely-before-diwali-niti-ceo-4000444\/\">harder<\/a> for domestic industries to scale efficiently. Reducing trade barriers and simplifying import processes, he argued, would help Indian manufacturers access essential components at lower costs, thereby boosting competitiveness. The NMP, expected soon, will aim to address these gaps and align with India&#8217;s broader <strong>Viksit Bharat (Developed India)<\/strong> vision.<\/p>\n\n\n\n<p>He also hinted at <strong>major reform announcements before Diwali<\/strong>, following the implementation of GST 2.0. These reforms are part of a larger push led by a committee headed by <strong>Rajiv Gauba<\/strong>, focused on advancing next-generation trade and economic policies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">US Trade Deal on the Horizon<\/h3>\n\n\n\n<p>Subrahmanyam expressed optimism about concluding a <strong>trade agreement with the United States<\/strong> before November \u2014 a deadline that is critical to avoid potential tariff impacts on Indian exports. The two sides are negotiating the removal of the <strong>25% additional duties<\/strong> imposed on India for purchasing Russian oil and reducing reciprocal tariffs currently at 25%.<\/p>\n\n\n\n<p>\u201cWhile US tariffs have not yet disrupted trade, the situation could worsen by summer if the deal isn\u2019t finalized,\u201d he cautioned. The US remains India\u2019s <strong>largest trading partner<\/strong>, with bilateral trade reaching <strong>$131.84 billion<\/strong> in 2024-25.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trade Trends and Strategic Shifts<\/h3>\n\n\n\n<p>India\u2019s trade performance remained steady in Q4FY25, with total trade rising <strong>2.2% year-on-year to $441 billion<\/strong>. While merchandise exports dipped slightly due to weaker mineral fuel and chemical shipments, sectors like <strong>pharmaceuticals, cereals, and electrical machinery<\/strong> saw strong growth.<\/p>\n\n\n\n<p><strong>North America<\/strong> emerged as the fastest-growing export destination, up 25%, while imports from <strong>China<\/strong> and the <strong>UAE<\/strong> surged due to demand for electronics and gold. The report also underlined the need to <strong>diversify exports, boost MSMEs, invest in R&amp;D<\/strong>, and embrace <strong>sustainable and design-driven value chains<\/strong> to capture a larger share of the $296 billion global apparel and leather market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India must lower tariffs and remove non-tariff barriers to strengthen its manufacturing competitiveness and integrate better into global value chains, according to NITI Aayog CEO BVR Subrahmanyam. Speaking at the launch of Trade Watch Quarterly (Q4FY25), he stressed that the upcoming National Manufacturing Policy (NMP) would focus on building clusters and creating a world-class ecosystem [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1301140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3414,8786],"class_list":["post-1301133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-diwali","tag-niti-aayg"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Next Round Of Economic Reforms Likely Before Diwali - NITI Aayog - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/next-round-of-economic-reforms-likely-before-diwali-niti-aayog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Next Round Of Economic Reforms Likely Before Diwali - NITI Aayog - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"India must lower tariffs and remove non-tariff barriers to strengthen its manufacturing competitiveness and integrate better into global value chains, according to NITI Aayog CEO BVR Subrahmanyam. 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