Revanth Chalamala explore India's current economic landscape, marked by significant challenges and strategic responses. This video delves into the reasons behind the US imposing a surprising 50% tariff on India, a move unparalleled against other nations. We uncover the core issues that led to this trade friction:
• India's rejection of US mediation in India-Pakistan issues.
• India's firm stance on energy security, continuing to purchase Russian oil despite US pressure and asserting its right to buy from the cheapest source.
• Refusal to import US dairy products, prioritizing the livelihoods of Indian farmers in an agriculture-based economy.
• The underlying suggestion that India's failure to nominate Donald Trump for a Nobel Peace Prize might also be a contributing factor.
We examine the immediate impact of these tariffs, including a negative reaction in Indian stock markets and a projected $30-32 billion reduction in trade with the US. The textile industry, a major exporter to the US, is particularly affected, facing potential losses of up to 200,000 jobs due to the higher tariff compared to competitors like Bangladesh.
In response, India has launched a multi-pronged economic fightback:
• A new slogan: "Make in India and Spend in India" – shifting focus from just manufacturing to boosting domestic consumption.
• Historic GST cuts: Rationalizing GST slabs from four (5, 12, 18, 28%) to two (5% and 18%), aiming to stimulate domestic sales and compensate for export losses with an estimated $20 billion boost in sales.
• Diversifying trade partnerships: Opening trade gates with multiple nations, including a Free Trade Agreement with the UK, discussions with Russia (who are willing to accept US-rejected goods), and engagement with China and Japan.
• Fiscal and monetary policy changes: Implementing income tax reductions and interest rate cuts to further encourage domestic spending.
Discover why domestic consumption is critical for India's economy, contributing 60% to its GDP. We discuss how a decline in savings and spending over the past 3-4 years, influenced by high taxes, stagnant wages, and inflation, necessitates these aggressive measures to revive the economy and absorb short-term shocks.
While short-term challenges are inevitable, these bold steps are aimed at transforming India's economy, making it more resilient and self-reliant in the long run.
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India Economic Fightback Begins: GST Cuts, Russian Oil, Trade Wars & Trump Tariffs | Make in India
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