India should view US tariffs as a wake-up call to implement bold and once-in-a-generation reforms and diversify its export markets for long-term growth, former Niti Aayog CEO Amitabh Kant said on Wednesday.
Addressing the BN Memorial Lecture organised by IRS (C&IT) Association, Kant said, "This is India's century, irrespective of Trump's tariff, I strongly believe that Trump has given us a huge opportunity for reforms".
On the US excuse of Russian oil imports for tariff hike, Kant said, "It's not about Russian oil. If it were the issue, then China buys much more Russian oil and Turkey buys as much Russian oil".
The former G-20 Sherpa also talked about disruption in the global supply chain and India's need to improve administrative efficiency for the rapid expansion of production infrastructure.
"Trump’s tariffs must be a wake-up call for India. The irony is striking: the U.S. is actively negotiating with Russia and China, the latter being the largest buyer of Russian oil, yet chooses to target India with tariffs instead. Let us be clear, this is not about Russian oil...Rather than intimidate us, these global headwinds must galvanise India into bold, once-in-a-generation reforms, while also diversifying our export markets to secure long-term growth and resilience," Kant said in a post on X.
Talking about the Viksat Bharat goal, he said, "India in 2047, as a fully developed country, is not a distant dream, and very few countries have become developed within one generation". "You will need to build an alternative model of India's growth and development, which can only come from efficiency." Kant also highlighted the problems faced by startups in getting administrative and tax clearances.
"It takes six and a half months for a startup to get its registration done in India," he noted.
He added that in countries like New Zealand and Singapore, startups are able to do business within 24 hours.
He urged the CBIC officers to expedite the process of GST registration and make it hassle-free.
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