India is poised to become a fiercely competitive player in the global market, leveraging its unique position in the comparative matrix of tariffs, according to Union Minister Jyotiraditya Scindia. This assertion comes amidst a dynamic global trade environment, where tariffs are constantly shifting and impacting international competitiveness. Scindia emphasizes that India's inherent strengths, including a vast domestic market, economies of scale, and a growing focus on innovation, will enable it to thrive despite prevailing tariff-related challenges.

Scindia highlighted that other nations are also facing varying levels of tariffs. India is, therefore, likely to emerge as "fiercely and much more competitive" across numerous products than before. He noted that the lucrative domestic market has already attracted global multinational companies to establish a significant presence in the country. This, coupled with the government's policy push on manufacturing and innovation, is further accelerating India's economic growth.

The Minister explained that the competitiveness should not only be viewed from an India-centric point of view but from a comparative matrix perspective. "So if you're a country that I used to compete with and the tariffs that have been put on you are possibly today double of what mine are. Where I used to be uncompetitive vis-a-vis you, I now become competitive," Scindia said.

India's economic transformation is a key factor in its rising competitiveness. Scindia projected that India is on track to become the third-largest economy in the world by 2028, driven by its manufacturing and export prowess. The mobile phone sector is a prime example of this growth, with India rapidly increasing its production and exports. This transformation is further bolstered by improvements in infrastructure.

Several factors contribute to India's competitive edge. The country's large and growing domestic market provides a significant advantage, allowing companies to achieve economies of scale. Furthermore, India's focus on innovation is fostering the development of new products and technologies that are competitive in the global market. The government's support for manufacturing and infrastructure development is also playing a crucial role in enhancing India's competitiveness. The availability of a large pool of STEM graduates further strengthens India's position as a hub for innovation and technology development.

India's emphasis on sustainable manufacturing practices aligns with the growing global demand for eco-friendly products. Many Indian manufacturers are prioritizing the use of sustainable materials, ethical labor practices, and environmentally conscious production methods, catering to the needs of socially responsible buyers.

While India faces certain tariffs, particularly in its trade relationship with the United States, its tariffs are often lower than those faced by its competitors, such as China, Taiwan and Vietnam. This provides India with a cost advantage, making its products more attractive to importers. India is also actively pursuing bilateral trade agreements with key partners to further reduce tariffs and enhance its access to global markets.

Furthermore, the government has implemented various schemes to assist citizens in pursuing their entrepreneurial dreams, creating a conducive environment for businesses to thrive. The Union Budget 2025 has emphasized initiatives targeting women and underserved categories, with loan sanctions of around Rs 10,000 crore under the Fund of Funds (FoF) made accessible for them to embark on their entrepreneurial journeys.

In conclusion, India is well-positioned to capitalize on its competitive advantages in the global market. By leveraging its domestic market, economies of scale, focus on innovation, and favorable position in the comparative matrix of tariffs, India is poised to emerge as a major player in international trade. The government's continued support for manufacturing, infrastructure development, and sustainable practices will further enhance India's competitiveness and drive its economic growth.