Donald Trump has imposed 50% tariff on India’s exports, which will directly affect Indian exporters and workers and can pose a threat to millions of jobs. However, the Modi government has prepared a strategy to deal with this situation. Like the relief schemes implemented during the Kovid lockdown, people and businesses will be given relief through new schemes. Also, work on long -term strategies to find a new market from America and strengthen the global supply chain is going on.

According to the report of Hindustan Times, two senior officials said that the government is first focusing on finding a solution to the cash crisis. Along with this, work is being done on covid-style schemes to save export and employment. Trump’s tariff can cause many problems, such as delay in payment, non -supply of goods, or cancellation of order. The aim of the government is that the exporters should be given necessary relief to continue the operation till the new market is discovered.

Government can announce relief package

According to officials, the government can again bring such relief packages like Corona was given during the lockdown. This is especially necessary for small and medium industries because they are facing cash problems. The government will pay attention to schemes like Emergency Credit Line Guarantee Scheme (ECLGS), in which 100% guarantee will be given loans without bail. This will save millions of small and medium industries from bankruptcy. In the lockdown, the same scheme rescued industries even after the industry was closed for 68 days.

Officials said that these schemes can be changed according to the current situation and its needs. The government will provide immediate relief as well as implement schemes in a phased manner so that long-term strategy can also be prepared. Apart from providing cash, strengthening the existing trade agreements and finding opportunities in the new market will also be faster.

GST will also get relief

Officials said that the government is also considering many reliefs related to tax, including GST reform. Many decisions related to tax reduction and improvement can be taken in the GST Council meeting to be held next week. He also said that due to the strength of the domestic market, India’s economy is safe and tariffs like external factors will not affect it much.

Officials said that the Indian economy remains strong and flexible due to domestic consumption. Although export plays an important role in economic development, it is only a small part of the country’s total GDP of 4.12 trillion dollars. The contribution of exports to the total GDP is about 10% i.e. $ 438 billion. For this reason, India’s economic growth rate was recorded at 7.8% even in the June quarter.

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