1 week ago
Jayant Sinha urges India to lower trade barriers for exports
Jayant Sinha says India needs to make it easier for companies to buy goods from other countries.
He believes companies often need imported parts and technology before they can make products for export.
He compared India with Vietnam, which sells much more abroad and has lower import tariffs.
Sinha said India should gradually reduce trade barriers instead of opening every sector at once.
Some areas are complicated because of politics, national security and concerns about China.
He pointed to smartphones as an example of successful manufacturing growth in India.
He said about 25% of Apple iPhones are made in India, according to his remarks.
Sinha also supports joining broader trade agreements to help India become more connected to the world economy.
Jayant Sinha said India must import more freely to become more competitive in global export markets.
He contrasted India’s roughly 15% import tariffs with Vietnam’s approximately 1% tariffs.
Sinha said Vietnam’s exports equal about 90% of its GDP, compared with around 20% for India.
He argued India should open its economy sector by sector while considering geopolitics, national security and supply-chain resilience.
Sinha cited smartphone manufacturing, including Apple’s Indian production, as evidence that India can rapidly build export industries.
- Who
- Jayant Sinha, discussing India’s trade and manufacturing policies.
- What
- Sinha called for lower trade barriers and greater integration with global value chains.
- Where
- India and international manufacturing and trade markets.
- When
- The comments were made as India seeks to expand manufacturing and benefit from the China-plus-one strategy; the article does not specify a date.
- Why
- Sinha said easier imports would help Indian companies obtain inputs, export more, attract investment and compete globally.
Key facts
- India’s import tariffs
- About 15%, according to Sinha.
- Vietnam’s import tariffs
- About 1%, according to Sinha.
- Exports as share of GDP
- About 20% for India and about 90% for Vietnam, according to Sinha.
- Foreign direct investment
- Roughly 1% of GDP in India versus 4–4.5% in Vietnam, according to Sinha.
- Smartphone exports
- Sinha said India has become one of the world’s largest smartphone exporters after China.
- Apple iPhone production
- Sinha said about 25% of Apple iPhones are made in India.
- Proposed policy approach
- Open sectors progressively and consider deeper participation in international trade agreements.
Quotes
Jayant Sinha
Indian policymaker and commentator discussing India’s trade and economic strategy
“All that being said, we need to really open ourselves up to the global economy because if we can't import freely, we can't export freely.”
businesstoday.in
“Vietnam's import tariffs are 1%. Ours are about 15%. So if we can't import, it's very difficult to export.”
businesstoday.in
Sources
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