New Delhi’s latest diplomatic triumph underscores India’s growing global stature. LIC Managing Director Dinesh Pant hailed the newly inked trade agreement with the United States as a testament to the nation’s robust economy and adept policymaking prowess, coming hot on the heels of a similar pact with the European Union.
In an exclusive interview, Pant emphasized that the India-US deal marks a pivotal step forward. ‘This agreement will supercharge our exports and instill greater confidence in India’s economy among international players,’ he stated. The deal slashes tariffs on Indian exports from 50% to 18%, particularly benefiting labor-intensive sectors like textiles and footwear.
Pant also praised the central budget presented by Finance Minister Nirmala Sitharaman. ‘It’s a masterful consolidation of policies pursued since 2014, with a sharp focus on making India a developed nation by 2047 and bolstering self-reliance,’ he noted. The budget’s preemptive removal of GST on insurance policies has already delivered substantial savings to millions of policyholders.
Turning to the insurance sector, Pant highlighted how a thriving economy directly fuels growth in insurance. LIC is leveraging recent GST reforms to drive business expansion while prioritizing policyholder interests in all investment decisions, such as potential stakes in NSE’s IPO.
The announcement of the trade deal came late Monday via a social media post from US President Donald Trump, signaling a new era of economic collaboration between the two giants. As India navigates global trade winds, such moves affirm its strategic acumen and economic resilience.