India has pledged to raise investment in manufacturing and semiconductors, boost infrastructure spending and offer incentives for data centres as Prime Minister Narendra Modi’s government seeks to sustain economic momentum in the face of trade tensions with the US.
“Today, we face an external environment in which trade and multilateralism are imperilled and access to resources and supply chains are disrupted,” finance minister Nirmala Sitharaman told India’s parliament on Sunday as she laid out a roadmap for the world’s fastest-growing major economy.
India has yet to secure a trade deal with the US, its largest trading partner, and President Donald Trump has imposed levies as high as 50 per cent over New Delhi’s purchases of Russian oil.
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