Trade between India and America: Conflict has increased in India-America trade relations. America has imposed tariffs up to 50% on India, which may affect Indian exports.
How Many Crores Does India Export to America Every Year?
Tensions are increasing in India-US trade relations. Late on Tuesday night, the US issued a notification imposing an additional tariff of 25% on India. As per Indian time, this tariff has come into effect from 9:31 am on Wednesday, 27 August. In fact, US President Donald Trump had announced this tariff on August 6, showing strictness on India's oil purchase from Russia. Soon after this, a 25% tariff was imposed on India from August 7 and now after the new announcement, a total tariff of up to 50% has started being imposed on goods going from India to America.
The report of Global Trade Research Initiative GTRI shows that this increased tax will have a direct impact on India's exports of about Rs 5.4 lakh crore. After all, how many crores of rupees does India export to America every year and how many crores of rupees worth of goods does it import from there.
Impact of tariff on India-US trade
India's economy is currently worth around Rs 339 lakh crore. India exports goods worth more than Rs 38 lakh crore to the world every year. America alone has the highest share in this. India exports goods worth about Rs 7.65 lakh crore to America, which is about 30% of India's total exports. This includes machinery, electronic goods, medicines and pharma, stones and jewellery, readymade clothes, chemicals, petroleum products.
Now America has imposed a 50% tariff. This means that the goods going there from India will become expensive and its demand may decrease. But this will not affect every item. According to experts, it will affect only some categories of products, such as clothes, jewellery, furniture and seafood.
How much does India import from the US?
On the other hand, the US also exports goods worth about Rs 3.46 lakh crore to India every year. This mainly includes crude oil, petroleum products, coal, diamonds, aircraft and spacecraft parts. That is, the trade between the two countries is quite deep and also depends on each other's needs.
It is estimated that the tariff imposed by the US on India will affect India's exports worth about Rs 3.20 lakh crore. If it is assumed that the entire export of the affected category stops, then about 8.5% of India's total exports may come to a halt.
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