New Delhi: Indian Commerce and Industry Minister Piyush Goyal said that the latest tariff declarations by US President Donald Trump are likely to work in favour of Indian industries through the 98th FICCI Foundation Day celebrations. While the global market turmoil is believed to have been triggered by Trump’s announcement, Goyal regards this as an opportunity for India.
Business Opportunities in New Tariff Policies ꔷ Indian Industries
Goyal also noted how different sectors reacted to U.S. tariffs differently when speaking to the media. But this will not be a one-sided outcome, as India sees a potential advantage, he stressed. There were no immediate indications of the timing of the cuts, but he promised dialogues were being held with different segments of the business sector, and India believed it would eventually benefit from reforms.
Emergence of Startup India in the Startup System of India
Goyal also mentioned that the startup ecosystem in India has been developing a lot during the Prime Minister Narendra Modi regime. The recent launch of the ‘Startup India’ initiative at the turn of 9 years ago has seen more than a 400% increase in the total number of startups, which have grown from 400 then to more than 17,000 at present.
Shashi Tharoor, Congress leader, showed reservation about the economic impact
Meanwhile, Congress leader Shashi Tharoor questioned the possible effect of the anti-dumping duties introduced by the U.S. on the Indian economy. He stressed that effective bilateral trade agreements were required to deal with the situation. Tharoor described the present scenario as “very grim” in the immediate future.
Effects on Trade Exports: Up to a $5.76 Billion Plummet
A working paper by the Global Trade Research Initiative (GTRI) has said that India’s exports could decline by $5.76 billion (or about 6.41% of exports) by 2025 under the new tariff structure realised. It also highlights which sectors might gain or suffer from these new tariffs, and it also analyses potential challenges and benefits stemming from the revised tariffs.
India’s Trade Exports Take A Small Hit
India’s trade exports can be affected mildly, with a dip of $5.76 billion from the expected $89.81 billion worth of goods to the US in 2024. The new trade measures could then lead to a 6.41% reduction in exports.
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