Daijiworld Media Network – New Delhi

New Delhi, Jul 6: Confederation of Indian Industry (CII) National President Rajiv Memani has stated that India remains firm in its decision-making and does not yield to external pressure, especially in matters of trade. His remarks come amid ongoing negotiations for a potential trade deal between India and the United States.

Memani said, “The industry wants a trade deal between India and America, but it is important that this trade deal is in India’s interest. The Indian government does not take any decision under the pressure of any country.”

His comments come as investors brace for market volatility, with the 90-day suspension of reciprocal tariffs by US President Donald Trump ending on July 9. These tariffs include a 26% import duty on Indian goods. A favourable deal could boost trade-sensitive sectors in India.

“If this interim trade deal happens, it will benefit India in labour-intensive sectors such as textile and apparel,” Memani added, while also identifying possible gains for engineering goods, auto components, and chemicals.

On the domestic front, Memani called for key reforms in the Goods and Services Tax (GST) structure. He stressed the need to lower GST on essential items like toothpaste, soap, and food products. “Cement is not a luxury product. It is extremely important to promote low-cost housing and construction,” he said.

He also advocated for simplifying the GST audit system and suggested reducing the number of GST rate slabs to three: 5%, 28%, and a merged 12–18% bracket. He further urged the inclusion of the petroleum and power sectors under GST.

Commenting on the Indian economy, Memani noted strong micro fundamentals and healthy balance sheets of banks and corporates. “India will remain the fastest growing economy in the world in the current financial year,” he said, estimating GDP growth between 6.4% and 6.7%.