Diversify Supply Chains, Promote R&D

Dr. Arvind Virmani, Member of NITI Aayog, shares insights on GST reforms, global trade, and China’s dominance in rare earth minerals. He says the implementation of GST 2.0 is expected to stimulate private consumption and investment, mitigating the impact of high tariffs. Ongoing negotiations around tariffs and the Bilateral Trade Agreement aim for mutually beneficial outcomes. On China’s manufacturing monopoly, Virmani emphasizes diversifying supply chains, promoting joint ventures, and boosting import substitution. He also outlines a dual strategy for rare earth metals: sourcing alternatives, international cooperation in processing, reducing pollution, and scaling R&D through global collaboration.