Arvind Panagariya on why India's trade deals with US, EU could be bigger moment than 1991

In an exclusive interview with India Today, Dr. Arvind Panagariya, Chairman of the 16th Finance Commission and former Vice-Chairman of NITI Aayog, shares his thoughts on the landmark India-US trade deal and more. Dr. Panagariya describes the agreement as the 'mother and father of all deals', asserting that combined with the EU deal, it provides India with unprecedented global market access. He argues that the current reforms and trade agreements together represent a moment 'bigger than 1991' for the Indian economy. Addressing concerns over zero tariffs, he emphasises that competition will strengthen Indian industry and benefit consumers, moving the nation closer to the '2047 Viksit Bharat' ambition. The discussion highlights how India's large workforce and evolving business environment make it an attractive global investment hub. Dr. Panagariya dismisses fears of American products flooding the market, citing India's historical export growth as evidence of its competitive potential.