India's tariff policy aims to regulate trade, protect local industries, and generate revenue via taxes on imported and exported goods, Union minister Jitin Prasada told the Lok Sabha on Tuesday. His reply comes a day before US President Donald Trump's proposed reciprocal tariffs come into effect. Prasada, the minister of state for commerce and industry, informed the House that the government is aware of the recent statements made by NITI Aayog regarding tariffs and their impact on India's economic growth.