US tariffs will have least impact on India, says BJP
BJP
on Tuesday emphasised that there will be minimal impact of the high tariffs imposed by the US on the
Indian economy
as it is largely domestic consumer driven.
"Many kinds of talks are happening regarding tariffs, and it is being said that this will ruin the country's economy. But the truth is that the impact of tariffs on India will be the least, the reason being that
domestic consumption
contributes about 58% to India's GDP," BJP spokesman
Syed Zafar Islam
told media persons at a press briefing at the party office in New Delhi.
Islam said the
Modi government
has taken steps such as rationalisation in GST, reduction in interest rates, and relief in income-tax to the middle class.
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"These measures have provided the economy with an additional stimulus of about 100 basis points. That is why, whatever external impact there may be, the pace of India's economy will not stop, rather it will accelerate further," he said.
Islam
emphasised that India's economy is not export-driven, unlike Indonesia, Malaysia, or Singapore.
Taking a jibe on Congress leader
Rahul Gandhi
's 'dead economy' remark, Islam said Gandhi has not understood this fact and should know that the economy is strong. Talking about the recently announced
GST reforms
, Islam said this will benefit people and further accelerate the country's economy.
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