Ahmedabad, Aug 30 (IANS) Former Gujarat Chamber of Commerce and Industry (GCCI) President Shailesh Patwari on Saturday said that diversifying Indian exports across multiple countries would secure long-term benefits for the economy and contribute to sustained growth in Gross Domestic Product (GDP).
His remarks came at a time when India recorded an impressive 7.8 per cent growth rate in the April–June quarter, consolidating its position as the fastest-growing major economy in the world.
This comes as a blow to US President Donald Trump, who had recently described India as a “dead economy” and simultaneously announced a steep 50 per cent tariff on Indian goods, citing what he called unfair trade practices and New Delhi’s refusal to halt crude oil imports from Russia.
Speaking to IANS on the economic outlook, Patwari highlighted that India’s growth was being powered by multiple sectors.
“One important thing is that because of the strong work being done, agriculture, services, and construction activities are running very well, which has boosted our GDP. Another point is that earlier there was dependency on a single country, but now we are marketing our products in many other countries. This will bring great benefits and also help in times of global fluctuations,” he said.
Patwari further suggested that the US tariffs should be treated as an “opportunity” for India to explore newer trade avenues.
“When everything is kept in one basket, it can all be ruined at once, but by marketing our products in different countries, we will continue to gain long-term advantages. No country can pressurise us into doing anything, and our GDP will continue to grow,” he added.
India’s economic resilience is particularly notable as this latest 7.8 per cent growth comes on the back of a strong 7.4 per cent expansion in the January-March quarter (Q4 FY25).
Analysts point out that the robust fundamentals of the economy are underpinned by high foreign exchange reserves, enough to cover 11 months of imports, while inflation levels remain well under control.
–IANS
sd/dan