New Delhi [India] August 7 (ANI): Harsha Vardhan Agarwal, President of industry body FICCI, on Thursday emphasised the need to advance transformative reforms at both the central and state levels, stating that the time is ripe to simplify doing business, attract greater investments, and fully harness the vast potential that India offers.

His reaction come after the US President hiked reciprocal import tariffs by another 25 per cent on India which have possibly a significant impact on the domestic export facing industries.

FICCI President suggested that we should focus on strengthening our industrial economy and the services sectors.

'India has in the past faced multiple challenges and we have through our collective resolve turned adversity into opportunity. It is time that we once again focus all our energies into further strengthening our industrial economy and the services sectors. This is the time to take ahead transformative reforms both at the central and state level making it simpler to do business, attract more investments and fully leverage the potential our country offers,' Agarwal said which was post by the FICCI on its X handle.

He further added, 'By pursuing factor market reforms, expanding the coverage of PLI scheme, doubling down on infrastructure investments and deepening the digital economy, we can leverage the entrepreneurial energy of our people and aim for even faster growth. Our collective resolve in making India a developed economy by 2047 should be the only guiding factor, for all actions we take, and our national interests should remain paramount.' FICCI President said.

Industry players across the sectors have expessed concerns on the imposition of an additional additional 25 per cent tariff on Indian imports over the purchase of Russian oil.

The government has also termed the imposision of additional tariffs on India over its oil imports from Russia as 'unfair, unjustified and unreasonable.

After the order, the total tariff on Indian goods will be 50 per cent. While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions. (ANI)