The US has officially announced a 50 percent tariff on India’s goods. America’s Department of Homeland Security has issued a notice to India in this regard. It is written that the US will impose an additional 25 percent tariff on India’s goods from 12 to 1 minute (local time) on August 27. And it will be 50 percent of the existing 25 percent tariff.
In such America On August 27, when this tariff is applicable at 12.1 pm, then it will be 9:30 in the morning in India. It is also written in this notice that if any goods in India reaches America even after one second of the scheduled time, then only new rates of tariffs will be applicable on it, which is 50 percent. Apart from this, it is also written that India has been imposed an additional 25 percent tariff because India has continued the purchase of crude oil from Russia which is a threat to America.
What things will be charged 50 percent?
Now it needs to be understood that India has been imposed on which goods are going to apply to 50 percent tariff. And what will be its effect. Actually, the first 9 percent tariff was levied on India’s clothes, which will now be 59 percent after 50 percent tariff. Similarly, there was 13.9 percent tariff on readymade clothes, which will now be 63.9 percent. In this sector, the maximum number of 4 and a half million people in India work and it is a labor intensive sector, which can affect the employment of 5 to 7 percent of the workers. It will show more impact on textile factories in Tirupur in Tamil Nadu, Surat in Gujarat, Ludhiana in Punjab and Mumbai, Thane and Navi Mumbai.
Apart from this, steel, aluminum and copper used to take 1.7 percent tariffs earlier but now 51.7 percent tariff will be taken. And more than 55 lakh people work in this field too. This tariff will not be affected by all these people, but some percentage traders and workers may be affected. Furniture, beding and matresses used to take 2.3 percent tariffs earlier, but now a total of 52.3 percent tariff will be taken and 48 lakh people work in this sector.
Now so much tariff on the export of shrimp
Shrimps, that is, there was no tariff earlier on the exports of the beetles, but now 50 percent tariffs will be imposed on them and 15 lakh farmers in India are connected with the trade of the beetles. Diamonds, gold and the rest of the goods related to it were 2.1 percent tariffs, but from now on, 52 percent tariffs will be charged and 50 lakh people work in this sector as well. Machinery and mechanical appliances used to have 1.3 percent tariff but now 51.3 percent tariff will be taken.
Earlier, there used to be 1 percent tariff on vehicles and their spare parts and an additional 25 percent tariff has not been implemented on it and for the time being, 26 percent tariff will be applicable on these goods and 3 crore people work in this sector as well. All the people will not be affected, but a little effect can be seen.
Smartphone and India’s medicines have been kept out of the scope of 50 percent tariff. But the US has threatened that after some time it can also implement the new rates of tariffs on them.
Indian products will be expensive in America with tariff
Federation of Indian Export Organizations has expressed concern over these new rates of tariffs. This institution says that America has been the biggest export partner for India so far. We send the highest 18 percent of our exports to the US alone and in such a situation, the goods of India will now become very expensive in the US markets due to 50 percent tariff.
Being expensive will benefit the goods from China, Vietnam, Cambodia, Philippines, Bangladesh and other Asian countries and these countries will easily replace India’s goods in the US market. The reason, these countries have been imposed less tariffs than India. China has been imposed on China, 20 percent on Vietnam, 19 percent on Cambodia, 19 percent on the Philippines and 20 percent on Bangladesh.
The institution made these five demands from the government
To reduce the impact of the tariff, this institution has demanded five demands. Immediate financial assistance should be provided to small traders and small scale industries. They should be provided cheap loans and easy credits. On repaying the principal of interest and debt, you get 1 year deferment. Loans without guarantee should be given to affected companies. Free trade agreement should be made with new countries as soon as possible. Especially European Union, Oman, Chile, Peru, Africa and Latin American countries can have such agreements so that India can spend its goods going to America in the markets of these countries.
The last demand is that Brand India should be strengthened globally so that Made in India can become Indian goods attractive. This is an important thing, on which Prime Minister Modi has also made a special appeal to all the shopkeepers and traders of India. He had said in the Gujarat rally that to promote indigenous goods, shopkeepers should install a board outside their shop, on which it is written that there is indigenous goods made in India.
Made in is written outside the shops of these countries …
To promote Made in China in China, campaigns are conducted at government and private levels, in which it is written on shops and online platforms that 100 % Chinese products or supports domestic goods. Made in Japan labels are often shown prominently at shops in Japan. Whereas boards like Buy Korean are installed in South Korea. Buy American, Made in America and Proudly Made in UsA are installed in America in America. While in Italy, many stores and shops at the shop are written on the big board and in Germany also in Made in Germany and VITM, Vietnamese Products is written only on the board outside the boards and markets, which strengthens the traders and economy of their country.
The country will benefit from buying Made in India goods
Now the same should happen in India. The reason for this is that India’s economy depends not on export but on domestic consumption. The domestic consumption of goods in our country determines the entire direction of our economy. That is why from today you will use the goods made in India itself. Seeing the smallest and biggest thing, we will buy whether it is made in India or is built outside India, then our economy will move forward on the path of self -sufficiency and then no tariff will spoil us.
However, the government will also have to do a lot of work here. Currently, our manufacturing sector stakes 17 percent in India’s GDP while China’s manufacturing sector holds 26 percent, Germany is 20 percent, Japan is also 20 percent and its manufacturing sector in South Korea’s GDP is 24 percent. Therefore, if the people of India have to be encouraged to buy indigenous goods, then the production of indigenous goods will have to be increased in India itself. And the government will have to work specially on their quality i.e. quality.
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