New Delhi
Shamika Ravi, a member of the Prime Minister’s Economic Advisory Council (EAC-PM), has said that the US families will fall on the US families with any increase in tariffs. US President Donald Trump said on Tuesday that India was not a good business partner. He announced that he would increase tariffs on India in the next 24 hours. Trump’s tariff is actually united on cheap goods available in global markets, which will cost less income American families. Ravi said in a post on Internet Media Platform X, “These tariffs finally transfer to the government there from low -income American families.”
25 percent tariff on India
On August 1, Trump signed an executive order titled a revision in mutual tariff rates. In this, tariffs were increased for more than five dozen countries, including a huge increase of 25 percent for India. However, there was no mention of the fine in the executive order, which Trump said that India would have to repay due to the purchase of Russian military equipment and energy.
Last week, Trump, a sharp attack on close ties between India and Russia, described the economies of the two countries as dead. This comment inspired New Delhi to say that India is the fastest growing major economy in the world.
India’s GDP will not affect
According to a study by industry organization PHDCCI, 25 percent of tariffs declared by US President Donald Trump on Indian goods will be negligible on the country’s GDP (GDP). The organization said that the reason for this is that it would affect only $ 8.1 billion exports to the US. The tariff declared by the US is likely to be effective from Thursday.
The research paper released by the PhD Chamber of Commerce and Industry (PHDCCI) also recommends several measures to reduce the impact of American tariffs. Hemant Jain, President of PHDCCI, said, “Our analysis shows that the 25 percent tariff declared by the US on India resulted in India’s total global trade exports only 1.87 percent and a very minor 0.19 percent on India’s GDP.”
The study said that in 2024-25 India exported $ 86.5 billion (1.87 percent of India’s total global exports) and the type of tariffs that have been announced will affect $ 8.1 billion exports. In the sector export of the tariff, the impact of the sector will have an impact of $ 1.8 billion on engineering goods, $ 93.2 million on gems and jewelery and $ 500 million on stitched clothes.
