India Inc says economy strong amid challenges

New Delhi: India's economy is resilient with robust macroeconomic fundamentals due to next-gen reforms, industry chambers said, even as they called for trade diversification, promotion of MSMEs, building global alliances and Brand India to make Indian products and services indispensable worldwide amid the global headwinds.

Diversification and strengthening competitiveness in the domestic market remain key for Indian exporters in sectors such as textiles, gems & jewellery, agriculture and shrimps to mitigate the impact of the high tariffs, the industry bodies said in separate statements. The comments come amid the US imposing 50% tariffs on a range of Indian products.

"Indian economy continues to demonstrate resilience and strength amid global headwinds, underpinned by a large and vibrant consumer base, robust macroeconomic fundamentals, continued economic reforms and enterprising businesses," Federation of Indian Chambers of Commerce & Industry president Harsha Vardhan Agarwal said.


"Exporters across textiles, gems & jewellery, agriculture and shrimps face steep duties, yet they are accelerating diversification into Africa, Latin America, Europe and Asean, while strengthening competitiveness at home," said Assocham president Sanjay Nayar.

They also highlighted the need to support small enterprises.

"Time to turn challenges into advantage by diversifying our trade, promoting our micro, small and medium enterprises (MSMEs), strengthening our agriculture and building new global alliances," said Rajiv Memani, president of the Confederation of Indian Industry.

Companies are also looking beyond tariff cycles, with many of them "upgrading value chains through AI, clean energy and EVs, ensuring future readiness", said PHD Chamber of Commerce and Industry president Hemant Jain.

To successfully navigate these chaotic times, India must invest in deep tech, Zoho Corp chief executive Sridhar Vembu said.