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‘India is well-positioned to negotiate and balance the trade deal with the US. In most products, if duty rates come down, except for agriculture, it will be far more beneficial for India,’ said EY India Chairman Rajiv Memani.
Rajiv Memani, Chairman of EY India at the CNN-News18 Rising Bharat Summit 2025. (Image: News18)
Speaking during the session India Ahoy: Land of Opportunities at the CNN-News18 Rising Bharat Summit 2025, Rajiv Memani, Chairman of EY India, said India is well-positioned to negotiate and balance the trade deal with the United States. “India is well-positioned to negotiate and balance the trade deal with the US. In most products, if duty rates come down, except for agriculture, it will be far more beneficial for India. Most industries are open for tariff duty cuts. Broadly, most Indian industries are comfortable with the lowering of tariffs,” Memani said.
He added that few businesses are fully prepared for the complex global tariff situation. “Very few people are able to grasp the global tariff situation; everyone is living on a day-to-day basis,” he said. Memani noted that US President Donald Trump remains determined to bring manufacturing back to the United States, “whether he has to apply pressure on countries or companies.”
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Highlighting the resulting uncertainty, Memani said, “It’s creating uncertainty; people are unable to take business investment decisions. Supply chains will have to be altered. Value chains have to be redefined.” He added that emerging technologies like artificial intelligence are creating additional disruptions, stressing, “The uncertainty that AI will create means India has no choice but to look at manufacturing in a big way.”
He also said India must focus more on domestic value addition to boost exports and improve the ease of doing business. “Emphasis on domestic value add has to become stronger to leverage exports,” Memani said, adding, “It takes time for companies to create capacity.”
Rahul Jain, MD & Senior Partner; Head of BCG in India, said that some hesitation among investors is likely in the near term. “In the short term, there is uncertainty, investments will go slow. Some decision paralysis and capex slowdown is likely,” Jain said. He emphasised that despite global macroeconomic challenges, India’s domestic consumption will continue to grow. “Irrespective of macro trends, whatever domestic consumption is, that will grow,” he said.
Jain underlined that manufacturing would be key to India’s growth aspirations, adding, “If we want to grow at 8 to 9 per cent, we need to grow in manufacturing.” He also stressed the role of small and medium enterprises (SMEs) in building an integrated industrial ecosystem. “This is a Maruti moment for auto; we have to build the entire ecosystem,” Jain said, referring to the broader push needed across sectors.
Karan Singh, Chairman, India offices; APAC Sustainability & Responsibility Practice Leader, Bain & Company, spoke about how businesses are navigating a dynamic economic environment. “Clients are looking at alternative scenarios,” Singh said, highlighting concerns over stagflation and the need to assess multiple global outcomes. Commenting on the impact of the Trump administration’s tariff policies, Singh said, “I will not say that this is all doom and gloom, but also a scope of opportunity.”
Singh emphasised that India must seize opportunities created by differential tariffs and strengthen its position in key industries. “If we can negotiate well with the US in a trade deal, India can benefit in manufacturing. It can be a big buzz for the Indian economy,” he said. Singh also pointed out that India is already well-positioned in sectors like pharmaceuticals, and has massive headroom for capacity expansion. “Renewable energy, electronics, and textiles should be India’s focus, which are unlikely to move out of India,” he added. Referring to India’s electronics sector, Singh said, “Electronics is a good story in India, which is yet to play its full potential.”
On the evolving investment climate, Singh remarked, “Apple will wait and watch,” indicating how global companies are carefully assessing India’s market conditions before making large investments.
The session underlined a consistent message: India’s moment of opportunity is now. With careful trade negotiations, a push for manufacturing scale, investment in emerging sectors, and smart positioning in global supply chains, India could significantly accelerate its journey to becoming a global economic powerhouse.
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April 08, 2025, 13:52 IST
News india ‘India Well-Positioned To Negotiate And Balance Trade Deal With US’: Rajiv Memani At Rising Bharat 2025