The decision of imposing 50 percent tariff on India by the US President will be fully implemented on India today. Earlier, 25 percent tariff was implemented from August 7 till today and today it will increase by 25 percent.
Loss of tariff in these sectors
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This US tariff could have a negative impact on many sectors of India and thousands of jobs could be at risk. Low-margin items such as textiles, gems and jewellery, shrimp, carpets and furniture are the main exporters to the US market. Meanwhile, competitors like Vietnam, Bangladesh, Cambodia and even China and Pakistan (which are currently facing low tariffs from the Donald Trump administration) could benefit.
PM Modi emphasized on Swadeshi
American Tariffs on India: A day before the US imposes an additional 25 per cent tariff on imports on India, effectively raising it to 50 per cent, Prime Minister Narendra Modi on August 26 emphasised on swadeshi and Make in India.
Speaking at the launch of Maruti Suzuki’s first electric vehicle in India, the e-Vitara, in Gujarat, Modi said swadeshi should be the “mantra” and no matter who invests, production should be Indian, according to a PTI report. Notably, Japan’s Suzuki Motor Corporation has committed to invest Rs 70,000 crore in India over the next five-six years.
The Prime Minister said that the country’s ‘Make in India’ initiative has created a favourable environment for both global and domestic manufacturers and the world will adopt electric vehicles manufactured in India. Maruti Suzuki’s Hansalpur plant in Gujarat is set to export electric vehicles to over 100 countries. It will also manufacture lithium-ion batteries, cells and electrodes for strong hybrid electric vehicles.
In his speech, the Prime Minister said, “My definition of Swadeshi is very simple: it does not matter whose money is used, whether it is dollars, pounds, black currency or white, it does not matter to me. The difference is that the sweat used in production is of my countrymen. The money may be of someone else, but the sweat is ours.” He said, “By 2047, we will build an India on which your future generations will be proud of your sacrifices, your contribution. In this way, Maruti Suzuki is also a Swadeshi company. The world will run electric vehicles made in India.”
The Prime Minister said today is a “great day” for Make in India as e-vehicles made in the country will be exported to 100 countries. The world will adopt EVs made in India. The Make in India initiative has created a favourable environment for both global and domestic manufacturers.
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