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India exports a total of 38 lakh crore products worldwide. Out of this, 20% of goods are sold in the US. According to the central government, exports of about 4.22 lakh crore rupees will be affected after 50% of American tariffs on India. Understand how much India’s top products are dependent on America through graphics. If these products are not sold in America, then what options do India have?
What option does India have in the machinery and parties market?
Free Trade Agreement with European Union (EU) and EFTA: India can accelerate dialogue on free trade agreements with blocks such as the European Union, EFTA (including Switzerland, Norway, Iceland and Lichnstein) and Blocks such as Eurasian Economic Association (EAEU).
Trade with UAE: India-UAE can also form a Class Economic Partnership Agreement (CEPA). The UAE is India’s third largest business partner and the second largest exporter. These agreements will provide tariff -free access to Indian machinery and parties products in these markets, which will reduce dependence on American buyers and increase demand.
Petroleum products in market What option has India
India imports more than 80% of its oil needs. Most of the oils buy from countries like Iraq, Saudi Arabia and America besides Russia. If there is a section on purchasing oil from Russia or Russia is to be closed, then it will have to increase its import from these countries …
Iraq: Russia is the second largest oil supplier in India, which provides about 21% of our imports.
Saudi Arabia: The third big supplier, which supplies 15% of our needs (about 7 lakh barrels per day).
South African Country: Nigeria and other South African countries also supply oil to India and government refineries are turning to these countries.
Other countries: Muruban crude from Abu Dhabi (UAE) is a big option for India. In addition, India has also started oil imports from Gayana Brazil, and other Latin American countries. However, buying oil from them is usually expensive than Russian oil.
What option is with India in electronic goods market
- The Government of India has launched initiatives like ‘Make in India’ and production-based incentive (PLI) scheme. The objective of these schemes is to encourage domestic and foreign companies to produce electronics in India. India can emphasize on strengthening the domestic market and developing new brands.
- Apart from this, India is also negotiating free trade agreements with the Eurasian Economic Association (EAEU), Gulf Countries and East Asian blocks, which will reduce dependence on the US and provide new exports.
What option has India with drugs and pharmaceuticals market
One-third of India’s total pharma exports go to the US. To reduce dependence on America, Europe, Africa, Middle East and South-East Asia are looking for new markets. Abharat formed a joint working group in 2022 to increase pharma cooperation with Tunisia and Kazakhstan. At the same time, increasing trade with Egypt and other African countries can strengthen India’s drugs and pharmaceutical markets.
What option has India in James and Jewelery Market
India is moving towards new markets like Middle East, Europe and South-East Asia for James and Jewelery. The demand for India’s designs with 10% tariffs in the Middle East, especially Saudi Arabia and UAE, is increasing. According to some media reports, many exporters are considering setting up new manufacturing bases in Dubai.
India is now looking towards other markets like Dubai, Mexico and Europe. Trade agreement with these countries will help India reduce the influence of American tariffs.
Read this news too ….
50% US tariffs on India are applicable from today: Export of ₹ 5.4 lakh crore affected; Demand of jewelery and cages may decrease by 70%, crisis on jobs also
Today, 50% tariff has been implemented on goods sent from India to America i.e. from August 27. According to the Global Trade Research Initiative (GTRI) report, this new tariff can affect India’s export of about ₹ 5.4 lakh crore.
50% tariffs will make Indian products like clothes sold in the US, James-Jewelry, Furniture, C Food expensive. This can reduce their demand by 70%. Read full news …
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