Import tariff needs to be halved to for competitiveness: Montek Ahluwalia

Bringing down import tariffs by at least 50 per cent holds the key to achieve competitiveness in India, Ahluwalia said

Bringing down import tariffs by at least 50 per cent holds the key to achieve competitiveness in India, former deputy chairman of the Planning Commission, Montek Singh Ahluwalia has said.

Stating that the Indian economy has not witnessed "fast enough" growth, Ahluwalia said "the underlying challenge is the ineffectiveness to translate broad uncontroversial objectives of competitiveness and growth into concrete and actionable policy programmes yielding results in a time-bound manner."

He was speaking at a webinar on "improving India's competitiveness for inclusive economic growth" by CUTS International on Tuesday.

In addition, Ajit Pai, distinguished expert, economics and finance at NITI Aayog, stressed on the need for designing a sequential strategy of policy interventions in order to achieve the objectives of competitiveness.

Developing scale of manufacturing, both as a strategy and as an outcome of policy instruments, should be the imperative to achieve this, he added.