By Admin 
India plan to counter us tarifs: US President Donald Trump has announced an additional 25 percent tariff in the form of penalty for purchasing cheap oil from Russia after a 25 percent base tariff already implemented to India. Also, the American Treasury Secretary has warned that if the conversation between the US and Russia on August 15 is inconclusive, then this penalty can be increased on India.
What is India’s plan?
This announcement has created a new challenge in front of Indian exporters. Speculation about the future of economy and business is sharp. Experts believe that if the burden of tariff continues to grow in this way, then India’s GDP growth may have a negative effect. According to Moody’s report, this may cause a deep shock to the ‘Make in India’ campaign and manufacturing sector.
The Government of India has become active to deal with these challenges. According to the Business Standard report, the Ministry of Commerce and Industry has prepared a support plan of Rs 25,000 crore, which will be applicable in a period of six years. This proposal has been sent to the Finance Ministry and after getting the approval, the cabinet will be kept for approval.
What will happen in the new scheme?
Under the new scheme, small exporters will be provided collateral-free loan facility. In addition, exporters in high-risk markets will get special assistance and will also promote alternative financial instruments like cross-border factoring. Exporters say that the government will have to take concrete steps at the earliest, so that the impact of American tariffs can be reduced and India’s exports can be protected.
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