New Delhi: A leading representative of the Chamber of Commerce has urged industry stakeholders and the general public to consider the broader economic benefits of Prime Minister’s recent decision to scrap counter-tariffs. The official emphasized that while the move might appear challenging in the short term, it holds significant potential to boost trade relations and improve India’s global competitiveness in the long run.
Speaking at a press briefing, the official stated, “This decision is not just about immediate gains or losses. It’s about positioning India as a stronger player in the global market. By removing counter-tariffs, we are sending a message of openness, encouraging trade partnerships, and attracting investments that can drive long-term growth.”
Counter-tariffs were initially imposed as a retaliatory measure against foreign duties on Indian exports. Their removal, according to trade analysts, is aimed at reducing friction in bilateral trade negotiations and fostering a more conducive environment for international trade.
The Chamber official added that industries should “look beyond the immediate impact” and prepare to leverage the upcoming opportunities. “We understand that some sectors may feel the pressure initially, but in the bigger picture, this reform will strengthen our economy and enhance India’s reputation as a fair and open market,” he said.
Experts believe the decision could help India secure better terms in future trade deals, attract foreign investments, and make Indian goods more competitive globally. However, some industry bodies have raised concerns over potential short-term revenue losses and increased competition from imported goods.
The Prime Minister’s office has defended the move, stating that it aligns with India’s commitment to global trade norms and long-term economic stability. More details on sector-wise impact are expected in the coming weeks as the government releases implementation guidelines.