In a written reply to a query within the Lok Sabha, Minister of State for Finance Ministry Pankaj Chaudhary mentioned the federal government attaches the utmost significance to defending and selling the welfare of farmers, entrepreneurs, exporters, MSMEs and can take all needed steps to safe our nationwide curiosity.
“A mixture of various elements, akin to product differentiation, demand, high quality, and contractual preparations, would decide the affect on India's exports,” he mentioned.
The minister was replying to a query about whether or not the federal government has made any evaluation on the affect of the USA's reciprocal tariff risk on Indian items.
He knowledgeable {that a} reciprocal tariff on the fee of 25 per cent is proposed to be imposed on sure items exported from India to the USA ranging from August 7. US President Donald Trump has additionally introduced an extra 25 per cent tariff, to be efficient from August 27. With this, the whole tariff on Indian items is now 50 per cent.
“It's estimated that round 55 per cent of the whole worth of India's merchandise exports to the US shall be topic to this reciprocal tariff,” he mentioned. PTI
