US President Donald Trump announced a recipe rice on many countries of the world on April 2. After which there has been a stir from the stock market to the commodity market. Its impact is also visible on the Indian stock market. But will it affect India’s Make in India Plan. Will the scheme launched under this plan be resumed. Let’s understand.
Many schemes have been run under Make in India in the country. They have a major scheme PLI scheme. The possibility of pressure on this scheme is being expressed since Trump’s tariff announcement. The State Bank of India has submitted a report, which has been alerted to work further firmly amidst global tension.
Focus on pli needs
Donald Trump has also imposed a 26 percent tariff, describing India as his friend and has announced a 34 percent tariff on China, after which China also imposed a tariff of 34 percent on the products coming from America on Friday. Amidst tariff war in the world, India is in a strong position due to its financial workforce and low cost price. However, SBI has asked to strengthen the PLI scheme in its report so that the country does not have to suffer much loss between global tension.
SBI said in the report that the Government of India should expand the existing PLI schemes and extend their duration by 3 years, which will promote investment and global competition of domestic industries. The market of steel, footwear and clothing in the US will open for India among the tariff war. But for this, the country will need to increase its production. For this, the government will have to focus on the PLI scheme.