Hyderabad: Chevella MP Konda Vishweshwar Reddy stressed that India needs to use more local products to become self-sufficient and reduce reliance on foreign imports.
He spoke at a conference at Park Hyatt, Banjara Hills, led by Bharat Global Industries Forum Regional Vice President Bollampalli Indrasen Reddy. The event gathered industry and business leaders to discuss increasing domestic consumption, simplifying GST, and reducing government burdens.
Reddy mentioned that new GST policies might temporarily cut revenues by Rs 7 lakh crore. Despite this, he believes that industries trust the government and that GST will eventually boost tax revenues significantly.
He highlighted that many sectors depend heavily on imports, leading to high foreign exchange outflows. To tackle this, industries want the central government to secure strategic trade deals with other countries. He also noted that, due to recent US tariffs, promoting and using local products has become even more crucial.
