Urgent Financial Relief for Textile Exports Amid US Tariff Hike
Union Finance Minister Nirmala Sitharaman discussed economic challenges with the textile industry, notably the US's 50% tariff. India's textile exports to the US comprise 28% of the sector's total exports. Financial relief and incentives were requested to mitigate impact on workers and exports.
- Country:
- India
The Union Finance Minister, Nirmala Sitharaman, engaged in a crucial meeting with textile industry representatives, addressing economic obstacles such as a significant US tariff of 50%. These challenges are straining the industry, with textile exports to the US making up 28% of the total sector's exports.
P. Gopalakrishnan, from the Federation of Indian Export Organisation, along with A. Sakthivel of the AMHSSC, emphasized the need for immediate financial support, export incentives, and relief measures. The USA remains India's primary market for textile exports, heightening the importance of these discussions.
Key political figures, including BJP leaders and MP Kamal Haasan, have highlighted the detrimental effects on local economies, particularly in Tamil Nadu, urging the government to introduce structural reforms to protect industries and jobs.
(With inputs from agencies.)
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