Tariff uncertainty could open new global opportunities for India: ITC's Sanjiv Puri

ITC’s Chairman and Managing Director, Sanjiv Puri, says global tariff uncertainty might work in India’s favour, offering the country fresh openings in international markets. He believes that while the global trade environment remains unpredictable, India is well-placed to take advantage—especially through new trade agreements.

“We’re hopeful that India will sign trade deals with the EU and UK this year—not just the US,” said Puri. “These agreements can help Indian industries become part of global value chains,” he added, noting that nearly 70% of global trade flows through such networks.

He said India’s strong economic growth puts it in a good position to benefit. “Even in uncertain times, India has shown it can stay resilient and keep moving forward,” Puri said.

Puri pointed out that trade talks with the EU have been ongoing for almost 20 years, and the potential benefits are significant. But to truly take advantage, Indian industries must invest more in innovation and intellectual property.

“Trade deals must benefit both sides,” he cautioned. “We also need to pay close attention to the rules of origin,” referring to trade clauses that define where a product is made. He warned that, as other countries face higher tariffs, they might try to dump goods into India—selling them at unfairly low prices.

“This is already happening in sectors like steel, paperboard, and chemicals,” he said. “The good news is that the government has formed a special group to monitor this kind of dumping. Quick action is needed, and we’re encouraged by the steps being taken.”

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