US President Donald Trump and Prime Minister Narendra Modi. (File photo)
The Government of India is preparing to deal with this by US President Donald Trump after 50 tariffs on most of India’s imports. The central government is planning to intensify reforms to protect the economy from external challenges. For this, many important steps are being taken to reduce the impact of tariffs towards government ministries.
Various government departments are working on reforms under the “Hole of Government” approach. The Finance Ministry is leading these efforts. Soon a deregulation commission will be created, which will work to remove old and unnecessary rules. The scope of this commission can be increased later according to the need. A senior official said that whether it is a business agreement with the US or not, domestic reform is the biggest priority. The country’s strong economic stability will protect against external risks.
Land and financial reform
The Department of Land Resources is identifying new reforms. Soon a bill will be introduced, which will make online registration of property and submitting electronic documents. Also, NITI Aayog is suggesting measures to deepen the country’s date market and increase financial sources for large investment. Along with this, India is considering increasing government assistance to promote its products abroad. America is the largest export market in India, where in 2024-25, India has a fifth of the total goods export of $ 437 billion. The Ministry of Finance and Commerce has been making a strategy to reduce the impact of American tariffs for the last few weeks.
Emphasis on generating employment
At the same time, apart from all this, the government’s focus is also on creating new employment opportunities, because American tariffs can affect labor-dominated areas like textile, jewelery and marine products. The progress of the incentive scheme related to employment recently launched will be monitored. Also, attention is being paid to implementing new labor laws. Apart from this, the Finance Ministry is closely monitoring the US tariff policies, global oil prices, Indian stock market and rupee move.