Mumbai: Industry experts believe that Donald Trump’s decision to impose 27 percent tariff on Indian goods imports into the US will have a limited impact on the country’s exports. Since India’s economy is flexible, the new tariff will have a minor impact on it.
The industry of the country is expected to change global trade equations and manufacturing price chain due to the implementation of different tariff slabs on countries around the world.
PHDCCI President Hemant Jain said in a statement that India’s strong industrial competitiveness would reduce the influence of American tariffs and will have only 0.10 percent impact in the short term on the country’s GDP (GDP).
However, in the medium period, when the entire effect of the tariff is applied, this difference is likely to decrease.
Given 27 percent tariff on Indian goods, we are in the middle of tariff rates. Assocham President Sanjay Nair said in a statement that the impact of these fees would have to be assessed.
He also said that overall, India’s export competitiveness in the US will not have any major impact, but the country’s industries will have to make constant efforts to expand export capacity and price enrichment to reduce the impact of tariffs.
Meanwhile, Vivek Johri, former chairman of the Central Indirect Taxes and Customs Board (CBIC), said in an interview to the media that if there is a bilateral trade agreement between India and the US, there is a possibility of withdrawal of mutual fees in such a situation.
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