Amidst the Global Tariff War, now the American President has said to take a huge lead in the tariff on India. Trump said that India is buying huge amount of oil from Russia and Russia is using this money against Ukraine. Recently, the US had announced a 25% tariff on Indian goods.
Donald Trump said that if this situation prevails, America will put more tariffs on India. But India is adopting many ways to deal with Trump Tariff. India is planning to offer a long-term plan by September to protect its exporters from the uncertainties and fluctuations of global trade.
India made a new plan against tariff
A major step has been taken to reduce the effects of American tariffs. According to an ET report, the Government of India is preparing a long -term plan till September, under which exporters will be supported by export promotion mission of Rs 20,000 crore. Its aim is to protect India’s exporters from the uncertainties of global trade and the shaking of tariffs.
The main objective of export promotion mission
The ET report stated that the government has decided to start a new export promotion mission under which cheap and easy loans will be provided to exporters so that they can increase their business. Apart from this, measures will also be taken to deal with non-tariff obstacles in foreign markets.
Brand India promoted in global market
The scheme will try to identify the brand of India globally like the policies of countries like Japan, Korea and Switzerland. Under this, e-commerce hubs will be built and districts will be converted into export centers.
The Ministry of Commerce and Industry is urging exporters to make domestic brand and promote them. This will increase the identity of India’s products in foreign markets and will reduce the impact of tariffs installed in places like America.
Planning and operation of mission
This mission will be run in collaboration with Commerce, MSME (Micro, Small and Medium Enterprises) and Ministry of Finance. Officials say that this scheme will be fully prepared by August so that it can be implemented from September.