Ajay Srivastava

Building an industrial powerhouse requires thousands of mature products, not just frontier technologies

Expectations this time are low for an institution that governs 98 per cent of global trade, worth over $35 trillion, due to a deep divide over its direction

Oil prices have already risen 23.6 per cent, from about $72 per barrel a day before the war began on February 28 to around $89 per barrel now

Security dependence, not trade policy, explains Washington's speed with others, and why India is holding its ground

After years of policy hurdles, the sector finally has a clear path to scale and compete

For the past two years, Mr Trump and his team have pressed India and other nations to stop buying Russian oil and shift to US barrels

This makes compliance costly, reduces the number of suppliers, and risks creating a system even worse than the old licensing raj

From protectionism to liberalisation - it sets a new template for India's future FTAs

Responding to the blowback, the White House softened its stance on April 9, imposing a 90-day pause and a uniform 10 per cent tariff on most imports, excluding China

In the 1960s and early 1970s, India faced food shortages and depended on US food imports under PL-480 - a US law that allowed surplus food to be sold or donated to countries like India

While the full FTA text remains undisclosed, publicly available details reveal signs of concern. This write-up flags three key issues

In the uncertain global environment, India committing to a comprehensive FTA would be risky

India could reduce its tariffs to zero on these products in exchange for the U.S. doing the same, which would be an immediate benefit for India

Average tariff levels: India's average import tariff stands at 17 per cent, while the trade-weighted rate is lower at 12 per cent, according to the World Trade Organization's 2024 report

To counter China's trade dominance and boost US manufacturing and jobs, a strategy beyond high tariffs is essential

India must avoid being caught off guard on trade, tariffs, outsourcing, and data policies, and engage with the US as an equal partner

US' trade policy highlights India's need to follow its own strategic priorities without yielding to external pressure

We should be wary of global consultants pushing grand visions of India becoming a $50 trillion or $100 trillion economy, especially when per capita income is still under $3,000

High cost of doing business and geopolitics limit opportunities

Other business services emerge as India's new export star, which could outpace software and information technology with strategic support