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1h ago

Modi Charts Next-Gen Reform Roadmap as US Tariffs Loom

Modi convened his Economic Advisory Council to drive detailed proposals under his 100-day reform agenda as US plans to double tariffs on $40 billion of exports put key sectors under pressure.

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Overview

  • He chaired a high-level Economic Advisory Council meeting at his residence today with seven cabinet ministers, senior secretaries and economists to translate his Independence Day reform pledge into action.
  • Commerce Minister Piyush Goyal said the government is finalising the 100-day transformation agenda with measures to liberalise FDI rules, grant more tax benefits to startups and ease environmental and compliance norms.
  • The Task Force for Next-Generation Reforms, set up on August 15, is now operational alongside the EAC to overhaul outdated laws, reduce over 40,000 procedural compliances and enact next-generation GST revisions.
  • US President Trump’s 25 percent tariff on Indian goods is scheduled to rise to 50 percent from August 27, threatening roughly $40 billion in non-exempt exports such as gems, textiles and footwear.
  • The tariff shock has coincided with intensified diplomacy, from Chinese Foreign Minister Wang Yi’s visit to S. Jaishankar’s upcoming Russia trip, underlining India’s challenge of balancing global partnerships.