Textile and Gems Job Loss India: India’s new tariff is likely to harm India’s textile, James and MSME industry. Experts estimate that if this happens, millions of jobs can go. Know the complete details.
Us tarifs impact on Indian jobs: A new challenge has arisen for India’s job world. The US has imposed new tariffs on Indian exports. Now its direct impact can be seen on many big industries of the country. Especially sectors such as textile (textile industry) and James-and-Jewelry (Diamond-Ratna Industries), in which millions of people work are said to be in danger. Experts estimate that if these situations persist for a long time, then about 2 to 3 lakh jobs may be at stake. However, some experts believe that India’s own domestic demand and growing trade partnership with other countries may reduce this loss to some extent.
Us Trade Policy Impact on India: Which sectors the most impact?
R. P. Yadav, Founder and CMD, Genius HRTECH, says that this move of America will have the biggest impact on textile, auto parts, agriculture and James-Jemes-Jemes sector. In the textile sector itself, about 1 lakh jobs alone may be in danger. Surat in Gujarat and Seeepz of Mumbai, which are the big James hubs of the country, is also likely to deepen the crisis on employment. Most MSME (micro, small and medium industries) work in these industries, so the biggest hit will fall on them.
US India Trade War: Will domestic demand save jobs?
According to the Timelynown report, SVP of Teamlies Services, Balasubramanian Anantha Narayanan, seems to be a little positive on the matter. He says that so far there are no signs of decline in jobs or big recession anywhere in the country. He said that a total of $ 87 billion is exported to the US from India, which is only 2.2% of the country’s GDP. That is, its burden on India’s entire economy will not be so big. In addition, India has recently enacted FTA (free trade agreement) with the UK, which will open new markets and compensate for losses.
Which sector and more effect on America’s new tariff?
CEO of Ciel HR, Aditya Mishra, says that not only textiles and jewelery, but also industries like electronics, leather, footwear, shrimp (shrimp) and engineering goods are facing uncertainty. There is no direct tariff on the pharma sector, but there is also increasing pressure due to raw material being expensive.
How are companies dealing with situations?
Mishra says that companies are already focusing on cost cutting. New recruitments have been stopped. Production is being reduced. Non-essential expenses are being reduced. The pressure on contract and temperari workers has increased. This can have a direct impact on factory workers, artisans, sales staff and logistics workers.
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There is also a possibility of impact on IT sector
Mishra warned that if the situation is high, the IT sector and GCC (Global Capability Centers) could also be affected. Already IT hiring is slow, so long stress can make recovery and difficult. It is now difficult to say how much the American tariff will have a huge impact on Indian jobs. Some experts believe that around 3 lakh jobs are in danger, while some believe that India’s domestic demand and new trade agreements may handle the situation. But it is certain that the sector associated with the US, especially textile and James-Jewelry, can go through the most difficult period in the coming times.
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