Any final decision on these tax cuts ultimately rests with the GST Council, which includes representatives from state governments and has struggled to achieve broad consensus in the past.
However, they said, they could also help to offset tariff risks and burnish Modi’s credentials among the middle class.
“The popular economic narrative right now is that of Trump’s 50 percent tariffs and how the US-India relationship is seeing setbacks,“ Deepanshu Mohan, economist at O.P. Jindal Global University, told AFP.
But, he added, it was also an acknowledgement that India’s economy had not worked for its “low middle-income class for some time”.
Economists estimate that if the two countries fail to sign a trade deal, Trump’s tariffs could drag India’s GDP growth below six percent this fiscal year, lower than the central bank’s projections of 6.5 percent.
Kpler analyst Sumit Ritolia told AFP that while Indian refiners are showing “growing interest” in US, West African and Latin American crude, it was more indicative of “greater flexibility, not a deliberate pivot”.
As the clock ticks down on the tariff hike, the state of US-India trade negotiations remains uncertain.
New Delhi says it is committed to striking a deal, but Indian media reports suggest US negotiators have postponed a planned late-August visit to the Indian capital. – AFP
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