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Tariffs should be tapered off: Virmani
Mint Mumbai
|March 10, 2025
Virmani proposed free movement across India and the US for goods used in products with complex supply chain
Tariffs aimed at protecting domestic industries from foreign competition have to be gradually tapered off as these industries learn to stand on their feet, Niti Aayog member Arvind Virmani said.
According to the former chief economic advisor in the finance ministry, tariffs are effective only if they help in building globally competitive domestic businesses. His comments follow recent threats of reciprocal tariffs against India and other countries by US president Donald Trump.
In India, the thinking behind tariffs during the 1991 economic reforms was to help the domestic industry become competitive and to then reduce these duties gradually over time.
This story is from the March 10, 2025 edition of Mint Mumbai.
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