Nirmala Sitharam on TPP: Challenge Akin to 1991 Crisis

Commerce Min Nirmala Seetharaman said the impact of the TPP is akin to the challenge posed by the 1991 crisis.

Commerce Minister Nirmala Sitharam (left) with BJP President Amit Shah. (Courtesy: Twitter/ @nsitharam)

India is preparing to deal with the adverse impacts of the Trans-Pacific Partnership (TPP), the mega trade agreement which is likely to have an impact on India’s exports in sectors such as pharmaceuticals, textiles and chemicals.

Commerce Minister Nirmala Sitharam has said that the situation is akin to the challenge posed by the 1991 crisis in the economy. In 1991, the government was close to default and foreign exchange reserves had dwindled to the point where India could barely finance three-weeks worth of imports.

Structural adjustments need to be made in the Indian economy in a comprehensive and far-reaching manner. We have to meet a common standard that the government must regulate and we must match expectations. We have to set a standard.

<b>Nirmala Sitharam, Commerce Minister</b>

Sitharam was speaking at an event organised by the industry body, Confederation of Indian Industry (CII).