GJEPC Appeals for Tariff Relief Amidst US Trade Troubles
The GJEPC has called on the Indian government for immediate relief following the imposition of 50% US tariffs on Indian goods, which began affecting the sector. Suggestions include extending credit timelines, offering monetary interventions, and supporting displaced workers to counter potential job losses.
- Country:
- India
The Gems and Jewellery Export Promotion Council (GJEPC) has appealed to the Central government for urgent assistance following the imposition of a 50% tariff by the United States on Indian goods, a move that has started to significantly impact the industry.
The tariffs, effective from August 27, prompted exporters to expedite shipments to the US, anticipating such a trade policy shift. Despite these efforts, the sudden implementation of the penal tariff has placed the sector under considerable strain, warned GJEPC Executive Director Sabyasachi Ray. He highlighted the need for immediate measures like extending credit timelines, moratoriums on installment payments, and interest equalization to alleviate the industry's burden.
The US remains India's most lucrative market for gems and jewellery, with Surat being a major hub for diamond processing. The GJEPC submitted a memorandum to the government outlining several proposed policies and financial interventions, including an extension of export obligation periods and support for displaced workers. Ray maintains hope for a resolution, citing the broader scope of India-US relations.
(With inputs from agencies.)
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