Addressing systemic weaknesses crucial for India to become global superpower: Expert
Ch V Sai Prasad highlighted systemic weaknesses in India’s economy, urging reduced dependence on foreign goods and stronger manufacturing. He noted the ongoing US tariff war is manageable but resilience is crucial for India’s ambition to become a global superpower
Hanamkonda: The United States, in an attempt to safeguard its economy, was instigating panic in the Indian market, noted Ch V Sai Prasad, former director of Indirect Taxes (INDT) and Central Expenditure Audit (CEA).
However, the real losers in the ongoing tariff war would be American citizens, as the burden of increased costs would inevitably fall on them, he said while delivering a lecture on the topic ‘USA sanctions on Indian exports, its effect on the Indian economy’ at an event organised by Swadeshi Jagran Manch here.
As America grapples with significant national debt, the stability of its economy could be jeopardised if the trend continues. There has been a growing tendency among nations to shift their reserves away from the US dollar toward gold and alternative assets as part of a de-dollarisation effort, Prasad added.
He expressed concerns over India’s reliance on foreign products. Despite its vast intellectual resources, the country has not taken the lead in manufacturing its own goods. India should strengthen its position in global trade, as it holds a relatively low share in the market.
Addressing systemic weaknesses is crucial for India’s aspirations to become a global superpower. If India imports essential products like dairy and soy, it could destabilise the domestic market. Many Indian businessmen who established ventures in countries like Nepal and Sri Lanka might not be affected by the US tariffs, he noted.
Noted freelance journalist K Raka Sudhakar Rao stated that the American economy is in a phase of contraction and continues to exert its ambitions through strategic military alliances and organisations such as the World Council of Churches.
Only two civilizations, India and China, have successfully resisted American influence. The United States is making calculated efforts to undermine the economies of India, China, and Russia.
Suggesting that India should stand resilient against such pressures, he said the tariff war was a manifestation of broader agendas. He added that the ongoing tariff conflicts would be manageable and would not substantially harm the Indian economy.
