NEW YORK CITY (TIP): As the Trump administration is repeatedly asking India to open up its market, India should do it for its own benefit, feels noted economist Arvind Panagariya, who served as the first Vice-Chairman of the NITI Aayog from January 2015 to August 2017.

Consulate General of India in New York hosted a Panel Discussion on ‘Economic Priorities for the New Government’ on Monday, June 24, where Arvind Panagariya, Professor of Indian Political Economy, Columbia University delivered the Keynote Address. The panel discussion was organised in partnership with the Deepak and Neera Raj Centre for Indian Economic Policies and the US-India Strategic Partnership Forum (USISPF). The other panellists were – Chip Kaye, Co-CEO, Warburg Pincus, and Krishna Memani, Vice Chairman, Investments Invesco.

Consul General Ambassador Sandeep Chakravorty in his welcome note set the ground for the discussion – what should be the priorities of Narendra Modi after his return to power for the second time with an absolute mandate.

Speaking on that, Dr Panagariya said that taking the advantage of trade war between the US and China, India should do whatever they can to attract multinationals looking for alternative destination. “This is also a great time for India to begin attracting the large multinationals that are now looking for alternative locations. It is an opportune time for India to do whatever it will take to bring these multinationals to Indian shores”.

He also strongly feels that India must slash tariffs on imported motorcycles and automobiles and open up its markets to the US. “It is a good thing for India. I would open it unilaterally, but here is an opportunity to actually negotiate with the US. Give them something and get something in return. Go zero tariffs on Harley Davidson. What is the problem? How long are you going to punish your own customers?” he suggested.

Speaking from the investor’s point of view, Kaye and Memani stressed that substantial set of initiatives should be taken to open the door for more investments.

Seema Mody from CNBC moderated the event.