After 4 decades of the Indian economy being closed, over-regulated, over-controlled, stifling entrepreneurship and industrial activity, 1991 June saw the fall of the ‘New Delhi Wall’.

The Indian economy opened, trade was freer, investment was freed, FDI was welcome and much else.

There were cries of pain from sections of industry, but most welcomed the fresh air of relative freedom and the opportunity to face competition, become competitive and prosper. 1991 was a hugely significant year in India’s economic and industrial history. And, the Indian Industrial scene was transformed. Their “animal spirits” flowered.

Fast forward to 2025. Entrepreneurship has exploded. Start-ups are multiplying. Self-employment is the new song of the day. Indian corporates have invested globally and meeting competition successfully. Technology development is surging. Digital public infrastructure is the envy of the world. And, much else.

But, in the last few years, economic policy reforms have not speeded up. The walls of protection have risen and the inefficient have gained. At the cost of the country, the people, the consumer, exports, etc. Mostly, in the name of unfair competition from China but the wave of protection has been sweeping.

And, now, we have President Trump building a new America. MAGA - Make America Great Again. A key strategy of his is to raise tariff on imports, to promote domestic manufacturing and build a policy frame of tariffs based on reciprocity.

Is there fear in Indian Industry?

Are these wails of anticipatory pain?

Not really, Indian Industry, by and large, is seeing this as a new opportunity. Because, since 1991 much of industry has built itself to be competitive.

Zero for zero reciprocity? Fine.

Reduced tariffs on imports into India? Fine.

The walls had become very high. These need to come down and empower the Indian economy and industry to find a new level of success. No fear. Go for it.

So, President Trump’s policies may not suit many countries and their industries but India has great flexibility, talent and technology. For now, the $500 billion trade target for USA and India together can be a reality soon. Otherwise, it was just talk. Free Indian Industry and see the Indian racehorse run.

In particular, beyond trade, Indian corporates can invest in USA more than ever before because the US will prioritise domestic manufacturing. Auto Components is an example. There are many other sectors where manufacturing in the US would be worthwhile.

Indian Companies can also setup Skill Development Centres in USA to multiply America’s talent base especially in the readiness for technology and automation activities. Likewise, online education progress can help build human resource capacity in the US. These investments in the US will help to build capable human resources for manufacturing.

These are only a few examples.

The US economy provides multiple opportunities, and Indian Industry is capable of grasping these opportunities for mutual benefit.

1991 saw a very high Wall come down.

2025 is now witness to another high Wall crumbling.