New Delhi [India], March 28 (ANI):
Finance Minister
Nirmala Sitharaman
On Thursday, they stated that the continuous process of streamlining
customs duties
And removing the 6 percent equalization levy, which started in 2023, is unrelated to any worldwide occurrences and will proceed as planned.
Sitharaman stated that reducing custom duties is a component of India’s larger aim to reinforce its position as a leading manufacturing center and enhance capabilities in batteries and advanced chemical processes.
In response to a discussion about the Finance Bill 2025 in the Rajya Sabha, Sitharaman stated, “Budget by budget, we continue to decrease tariffs with the aim of supporting India’s ambition to become a leading manufacturing center. This also aids in developing capabilities for battery production and advanced chemical processes. It is part of our ongoing efforts.”
“I’ve noticed several members mention, ‘Oh, the
tariff
conflict has begun, thus as a reaction to the
tariff
Announcements made by President Trump, this initiative has been underway since 2023. We’ve continued to make steady progress each year. New products are continually introduced with consideration for both Atmanirbhar Bharat and the needs of Viksit Bharat, along with streamlining custom duties and easing compliance procedures,” stated Sitharaman.
“Therefore, this is a continuous process. It is not related to the current worldwide circumstances but is something that will persist into the future,” she noted.
India lowered customs tariffs on numerous goods and abolished them.
equalisation levy
of 6 per cent
From the Oval Office, the president made a substantial policy announcement
Donald Trump
has announced a 25 percent
tariff
On every vehicle brought into the U.S., a step he referred to as “highly thrilling” for local production.
The
tariff
Starting on April 2, this regulation will affect almost fifty percent of all vehicles sold in the United States, encompassing even those from domestic brands manufactured abroad. This comprehensive policy seeks to encourage automotive companies to build additional manufacturing plants inside U.S. territory.
Industry insiders caution that the
tariff
This outcome might have extensive repercussions. Autos Drive America, an advocacy body for global automobile producers active in the U.S., voiced significant reservations regarding the possible aftermath.
“The
tariff
As a result, this could increase the cost of manufacturing cars,” the statement read, “which might lead to higher prices for customers, decreased variety in options available, and possible upheavals in employment sectors.
The statement has the potential to heighten trade disputes with major car-producing countries such as those in Europe, Japan, and South Korea. These nations ship significant volumes of automobiles to the U.S. market and could perceive this move unfavorably.
tariff
As a direct challenge to their car manufacturing sectors.
Economists predict the
tariff
This could raise vehicle costs by thousands of dollars, putting additional pressure on consumers who are already struggling with ongoing inflation. Such action would mark a significant intrusion into the auto industry, possibly altering worldwide car production tactics.
President Trump stayed optimistic regarding the policy, saying, “Anyone with operations in the United States will benefit from this.”
As the automotive sector and international markets adjust to this major policy shift, other companies, particularly those based in India, are preparing for even larger transformations.
Earlier, US President
Donald Trump
targeted India’s auto import
tariff
As stated during his address to Congress, he said, “We face auto tariffs imposed by India.”
tariff
“exceeding 100%,” he declared, adding that a retaliatory tariff would be implemented on April 2. He stated that the US has suffered unfair treatment at the hands of almost every nation globally for many years and pledged not to allow this to continue. (ANI)
Provided by Syndigate Media Inc. (
Syndigate.info
).
