New Delhi, Feb 21 (SocialNews.XYZ) Welcoming the reported US Supreme Court order striking down recently imposed tariffs, Indian industry representatives on Saturday said the move would significantly boost exports, strengthen trade ties and revive employment across sectors.
Speaking to IANS, Nainesh Pachchigar, Gujarat State President of the India Bullion and Jewellers Association (IBJA), said the industry has welcomed the US Supreme Court’s decision that declared the tariffs imposed by former US President Donald Trump as illegal and set them aside.
He said that although Trump had earlier reduced import duty on diamonds to zero per cent following a trade understanding with India, diamond jewellery and related sectors were still facing higher tariffs of around 18 per cent.
“The court’s decision to remove tariffs imposed on multiple countries is a positive development for India’s gem and jewellery sector,” he told IANS.
“If tariffs are completely withdrawn and the situation continues for a longer period, Indian exports will rise and the industry will receive a strong push,” Pachchigar stated.
He added that higher exports would also help generate employment, especially for small artisans and craftsmen who depend on the sector for their livelihood.
Pachigar further said that while the court has passed its order, it remains to be seen how the US government responds and whether it files any fresh affidavit or takes further legal steps.
Rajesh Gandhi, Senior Vice President of the Gujarat Chamber of Commerce and Industry, also described the development as positive.
He said that if tariffs on India are reduced to 10 per cent, it will create growth opportunities for multiple industries.
“Lower tariffs will make Indian goods more competitive in the US market and provide momentum to sectors such as textiles, trading and manufacturing,” Gandhi told IANS.
Business representatives from the textile and trading sectors echoed similar sentiments, saying that uniform 10 per cent tariffs across countries would create a level playing field.
They believe that such a move would improve trade flows, enhance competitiveness and strengthen India’s position in the US market.
Source: IANS
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