India needs to cut tariffs for its own good: Niti Aayog CEO BVR Subrahmanyam
Tariff does not protect any country and India needs to cut tariffs for its own good, irrespective of who tells India to do so, NITI Aayog CEO BVR Subrahmanyam said on Friday. Addressing the 69th Foundation Day of All India Management Association (AIMA), Subrahmanyam further said that being open to the world has to be among the top five priorities of India if it wants to become a developed country.
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To cut tariffs, India must complete trade agreements with the European Union, the United Kingdom and other major economies, he added.
The Niti Aayog CEO stressed that deregulation at both centre and the state levels are critical for making India a part of the global supply chains.
There is interest in India but people visit, see and fly to other countries, he said.
Subrahmanyam pointed that Indonesia, Vietnam, Turkey and others have been beneficiaries of 'China plus one' strategy of global companies.
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