India's Economic Woes: Jobs in Jeopardy as US Tariffs Rise
India faces potential massive job losses in various sectors due to increased US tariffs. Congress President Mallikarjun Kharge criticizes the Modi government's foreign policy, calling it 'superficial'. The imposed tariffs by the US, especially on Indian goods, could severely impact the country's GDP and benefit China.
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In a sharp critique of the Modi administration, Congress President Mallikarjun Kharge has targeted the government's foreign policy after the US imposed additional tariffs on Indian goods. Effective Wednesday, US President Donald Trump has enforced a 25 per cent tariff hike.
Kharge noted the tariff, escalating to a cumulative 50 per cent, could result in India's loss of Rs 2.17 lakh crore across ten sectors. He further pointed out the severe impact on various industries, notably MSMEs, and a profound effect on employment, with possible severe job losses in textiles, gems, jewellery, and shrimps farming.
The Congress leader emphasized that the government's lackluster foreign engagements have compromised national interests, jeopardizing crucial trade agreements and economic stability. The increased tariffs come amidst a fraught geopolitical climate and amid concerns over tariffs applied to 70 other nations simultaneously.
(With inputs from agencies.)
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