US Tariffs: A Catalyst for India's Product Innovation and Atmanirbhar Bharat Vision

Indian businessman Dr. Niranjan Hiranandani has described the recent US tariffs as a significant opportunity for India to transition from a services-driven economy to one focused on indigenous product development. Speaking to ANI, he expressed that the move by the Trump administration could accelerate India's journey toward achieving the vision of Atmanirbhar Bharat.

Dr. Hiranandani pointed out that India has historically operated on a services model catering mainly to US companies, lacking the confidence to create global products like Apple or Microsoft. He believes the current US policies will push India to convert this challenge into a chance to innovate and present unique products to the world.

He further stated that the US is no longer depending on traditional trade relations, asserting that if trade is not favorable, it will prioritize its interests, irrespective of alliances. This stance underscores the need for India to reduce dependency and bolster its capability to meet domestic demands through homegrown innovations.

Backing Prime Minister Narendra Modi's 'Viksit Bharat' vision, Dr. Hiranandani emphasized the importance of developing technology and manufacturing solutions locally, as India sets ambitious deadlines to achieve economic self-reliance. Such a strategic shift is expected to strengthen India's position as a leading global economy.

The World Bank's latest report supports this outlook, highlighting India's strong growth prospects amid global challenges, with consumption and improved farm outputs driving its economic momentum.

(With inputs from agencies.)