Us Tariff India: India’s 25% tariff will affect India’s 8.1 billion exports, GDP will have only 0.19% impact. PHDCCI says the Indian economy is capable of handling these challenges.
Us tariff impact on india: US President Donald Trump has imposed 25% tariff on imports from India. The industry body PHDCCI has given information about the impact on India. PHDCCI has reported that the tariff imposition of tariff will affect India’s export of about 8.1 billion (Rs 71039 crore). This can manage the impact on India’s economy. The US imposing 25% tariffs on India will have an estimated impact of 1.87 percent on India’s total global goods exports. This will have a 0.19% impact on India’s GDP (GDP).
Which area will affect which area with American tariff
- Engineering goods -1.8 billion US dollars (Rs 15794 crore)
- Electronic goods- US $ 1.4 billion (Rs 12283 crore)
- Pharmaceuticals- US $ 986 million (Rs 8650 crore)
- Gems and Jewelry- US $ 932 million (Rs 8177 crore)
- Readymade clothes- US $ 500 million (Rs 4387 crore)
Donald Trump threatens to increase the tariff on India
Donald Trump is pressurizing India to stop oil imports from Russia. He said on August 5 that the tariff to be imposed on imports from India will be “largely” in the next 24 hours at the rate of 25 percent. Because New Delhi is constantly purchasing Russian oil. Trump said that the US would “enhance” the tariffs paid to buy “huge amounts of Russian oil” by India. Most of the oil purchased from Moscow is being sold in the open market for “big profits”.
India can manage the challenges facing American tariffs
PHDCCI President Hemant Jain said, “The challenge related to fees accelerates the need for India’s export sophistication and geographical diversification. Our strategic outline provides a roadmap to convert this barrier to the occasion of competition enhancement for a long time.”
PHDCCI CEO and SG Ranjit Mehta said, “25% of American tariffs offer challenges, but India’s strong domestic demand and diverse economy provides flexibility. Our analysis shows that its effect is important but can be managed on a large scale. It offers an opportunity to speed up market diversification and value enhancement strategies for Indian businesses.