Increasingly, global trade has been influenced by geopolitical and economic factors, with tariffs playing a significant role in enhancing economic security for countries.
The year started with US imposing high tariffs across countries, settling down into bilateral rates and initiating negotiations for free trade agreements with most countries.
Furthermore, Mexico has also initiated high tariffs on countries where it does not have bilateral agreements. Apart from the tariffs themselves, Indian industry faces heavy uncertainty and it is time India looks at its own economic security in a dynamic world with changing trade equations.
India continues to stride towards the vision of “Make in India for the World” and the government is actively reshaping country’s indirect tax landscape. The momentum generated by the GST 2.0 reforms, anchored in structural reforms, rate rationalisation, and ease of living has already begun to yield tangible outcomes.
Notably, GST revenue collections for November 2023 recorded a remarkable growth rate of 15% year-on-year, reflecting deeper formalisation of the economy, improved compliance, and an expanding consumption base.
Source: The Economic Times
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