By Admin 
India US Trade Deal: After the announcement of reduction in additional tariffs imposed by America on India, there has been tremendous enthusiasm in the Indian business world and stock market. Chamber of Trade and Industry (CTI) welcomed this decision and said that it will strengthen many important sectors like textile, leather, gems and jewellery, auto component, chemical, pharma, seafood and electronics and will bring new energy in India’s export and investment environment.
market in excitement
According to CTI Chairman Brijesh Goyal, there was huge volatility and uncertainty in the stock market after the imposition of additional tariffs, but as soon as the tariff cut was announced, there was a strong rise in Sensex and Nifty and there was strong buying in US related stocks. He said that stocks like Adani Port, Adani Green and Adani Energy registered a rise of 8 to 10 percent, while stocks like Bharat Forge, Mothersons and Sona BLW also showed good growth.
Goyal said that after this decision, foreign investors are also showing interest in the Indian market again, which is a positive sign after a long time. He also said that due to 50 percent tariff, Indian products had become costlier by about 35 percent in America, due to which buyers started turning to other countries and exports worth more than 48 billion dollars were affected, and the employment of about 10 lakh people was at risk.
boom in exports
According to CTI, India exports large quantities of pharmaceuticals, textiles and apparel, gems and jewellery, auto components, chemicals, seafood and engineering goods to the US, while India imports minerals, expensive gems and jewellery, machinery, aircraft components, electrical-optical goods and chemicals from the US. CTI believes that tariff reduction will further strengthen India-US trade relations, give impetus to exports, create new employment opportunities and provide major support to the economy.
Also read: Tariff reduction and relief… India-US trade deal announced, but still awaited