New Delhi: Amid concerns about the impact on India’s exports in the event of the US raising duty on India from April 2, the Ministry of Commerce and Industry has asked Indian industries to reduce imports from China and other countries and try to increase imports from America.
It is noteworthy that recently US President Donald Trump criticized India’s high fee on American automobiles and agricultural products. Following Trump’s statement, India is considering reducing fees on American goods and increasing import of American goods.
Commerce Minister Piyush Goyal said in a statement that the government is committed to protect the interests of exporters. During the meeting with industrialists, the authorities discussed the impact on Indian industries of American tariff growth.
Steel and aluminum exporters said that the increase in fees on steel and aluminum by Trump to 25 percent has begun to affect India’s steel and aluminum exports worth $ 5 billion.
The chairman of the Engineering Export Promotion Council (EEPC) said that the increase in tariffs on steel and aluminum has increased the concerns of the micro, small and medium region (MSME).
Significantly, the MSME sector plays an important role in five billion dollars of steel and aluminum exports.
The Ministry of Commerce sought suggestions from industry representatives whether American goods including textile, electronics, gems and jewelery and carpets should be allowed to enter the Indian market.
The gem and jewelery sector has recommended to reduce the current five percent fee to 2.5 percent on the cut and polished diamonds.
