FICCI's President Anant Goenka On India's Economy, Tariffs, GST & RBI Rate Cut - Business Today

India’s growth outlook remains strongly positive despite recent volatility, says Anant Goenka, President of RPG Group and FICCI (2023–24). Reflecting on the economic environment, he notes that the first half of the year was marked by high uncertainty, with sectors like gems & jewellery, garments, and marine exports impacted by U.S. tariff pressures. However, he confirms that a U.S.–India trade deal is nearly finalized, and once signed, the rupee may stabilize, offering relief to several industries. Goenka highlights significant progress from recent FTAs and expects the latest U.S. agreement to go beyond tariff matters. He emphasizes strengthening ties with Russia, with vast trade opportunities still unexplored. FICCI has recommended support measures for MSMEs, continued focus on ease of doing business, and further tax & GST relief, which already placed ₹2.4 lakh crore into consumers’ hands, boosting demand. He believes India is on track to become the factory of the world and urges the RBI to prioritize growth with a 25 bps rate cut. Overall, Goenka expects stronger economic expansion ahead.