New Delhi: America's total 50 percent tariff will be implemented from Wednesday, August 27. Some of the goods going to America will now have to pay 50 percent tax. Many such figures have come out which say that this will cause a big loss to India's economy. Although there will definitely be some impact, but it is not being exaggerated. At the same time, India did not accept the conditions of US President Donald Trump. The conditions through which America wanted its entry into India's dairy and agriculture sector. Even after the tariff, the game seems to be in India's hands.
India did not accept America's conditions. Now after 50 percent tariff, experts say that its effect on the Indian economy will be very limited. On the other hand, India's largest dairy sector will remain safe from this, in which 10 crore people are directly employed.
India's economy and export
India's economy is currently worth Rs 339 lakh crore. India exports goods worth about Rs 38,35,000 crore to the world every year. Out of this, Rs 7,65,000 crore worth of exports are made to the US alone, which is about 30% of the total exports.
Amidst the discussion of imposing 50% tariff by the US, it is being estimated that it will not affect all products, but only some categories of goods. Experts believe that it may affect exports worth about Rs 3,20,000 crore.
How much will be the loss?
If it is assumed that the export of the affected category to the US stops completely, then 8.5% of India's total exports will come to a halt. But this is less than 1% of India's huge economy. In such a situation, it cannot be called a big economic setback at the national level.
Big victory for the dairy sector
According to experts, the loss that India will suffer due to the US tariff is not a matter of concern. On the contrary, India will get a big benefit from its dairy sector. India's dairy sector is worth Rs 12 lakh crore. It directly employs 10 crore people.
If India had bowed to US pressure and opened its dairy market, the livelihood of crores of farmers and employees could have been in danger. From this point of view, even if some of India's exports are affected due to the tariff conflict, the country's huge dairy industry will remain safe in return.
Priority to domestic interests
In this period of trade conflict, India has ignored US pressure and given priority to its interests. As a result, even if there is a minor impact on exports, the country's dairy sector and crores of families associated with it will remain safe. It is clear that if India has refused to bow down to US tariff pressure, it will be considered more of a victory for domestic interests than any loss.
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