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New Indian Express
4 days ago
- Business
- New Indian Express
US tariffs will hit Kerala's exports sector hard: Finance Minister Balagopal
THIRUVANANTHAPURAM: The US decision to impose a 50% tariff on Indian goods will have a serious impact on Kerala's economy as the state makes large-scale exports to the US, Finance Minister K N Balagopal has said. It is a bullying tactic to control the country's market, he said. 'Our exports to the US include shrimp and other fish produce, textiles, spices, cashew, coir, etc. Medical equipment too is exported in large quantities. Besides, there is modest export of semiconductors and chips. Software exports too will be affected,' he told reporters on Friday. 'The Prime Minister has said that strict measures would be taken in the wake of the US move. It is time for all to stand united and safeguard the country's interests,' he said. He urged the Union government to convene a meeting of all states to formulate strategies to protect the country's trade and economy. Calling the prohibitive tariff a ploy of the US to control the Indian market, he said,'They will ask India to rationalise our tax regime so that it can dump products in our market,' he said. The minister also said the tariff will have an impact on the labourers' wages and farmers' income. Companies will be forced to reduce wages and farmers will be forced to sell their produce at low rates. Balagopal criticised the Centre for its recent Bilateral Free Trade Agreement with the UK. Under this, import duty on luxury cars and liquor was reduced drastically.
India Today
4 days ago
- Business
- India Today
Trump's 50% tariff bullying tactic, India must stand united: Kerala Finance Minister
Kerala Finance Minister KN Balagopal on Friday condemned the recent decision by the United States to impose a 50 per cent tariff on Indian goods, calling it a "bullying tactic" aimed at controlling India's said the US move, which came after President Donald Trump announced an additional 25 per cent tariff on top of an earlier 25 per cent duty, is designed to pressure India into opening its markets for more American criticised the US for labeling India and Russia as 'dead economies' and said such remarks were aimed at forcing India to reduce its taxes to benefit US businesses. "This is the highest tariff ever imposed by the US on any country," Balagopal said at a press conference. "They want to compel India to succumb to their demands by threatening our economy."He added that India is not a weak economy and has a strong cultural base, advanced technology, and a growing population. The minister urged the Indian government to remain firm and pursue policies that promote self-reliance without yielding to international Finance Minister warned the tariffs would hurt exports of key Indian products like fish, spices, textiles, coir, and cashews, goods heavily imported by the US. He also raised concerns about adverse impacts on state tax revenues, which could affect public health, education, services, and government noted a recent Bilateral Free Trade Agreement with the UK, which slashed import duties on luxury cars by 90 per cent, as an example of how such deals can undermine Indian tax revenues."America cannot dictate how our taxation system or economy should function," he stressed. "We must stand united to protect the interests of our farmers, businesses, and the Indian people."The US had first imposed a 25 per cent tariff on Indian goods starting August 1, retaliating against India's tariffs on American products. The latest 25 per cent hike, announced by Trump on Wednesday, will take effect from August 27 and follows warnings related to India's ongoing oil purchases from expressed fears that richer nations like the US may soon push for rationalising India's internal tax regime to further ease imports, putting additional pressure on the country's economy.- EndsWith inputs from ANIMust Watch IN THIS STORY#Andhra Pradesh
United News of India
21-04-2025
- Business
- United News of India
PM Modi welcomes US VP JD Vance, Second Lady Usha Vance, kids at official residence
New Delhi, Apr 21 (UNI) Prime Minister Narendra Modi welcomed US Vice President JD Vance, Second Lady Usha Vance and their three children to his official residence in Lok Kalyan Marg here on Monday evening. The US Second Lady Usha Vance, who is of Indian origin, was attired in a printed skirt-dress, while the children – Vivek and Ewan – were wearing gala bandh suits, and the daughter Mirabel was wearing a frock. They had earlier in the day visited the Swaminarayan Akshardham Temple in Delhi. The US VP, who is in India on a four-day visit, described the visit to the temple as memorable. In a message at the temple, the US VP wrote: 'Thank you all so much for your hospitality and kindness in welcoming me and my family to this beautiful place. 'It is a great credit to India that you built a beautiful temple with precision and care. Our kids in particular loved it. God Bless. ' The visit to the temple was the first agenda for the US Second Family after they landed in India earlier in the day. The Second Family posed outside the temple with garlands around their necks. The US VP is set to discuss deepening of bilateral trade and strategic ties during his meeting with PM Modi. 'The visit will provide an opportunity for both sides to review the progress in bilateral relations and the implementation of the outcomes of the India-US Joint Statement issued on February 13, during the visit of Prime Minister Modi to the US. The two sides will also exchange views on regional and global developments of mutual interest," an India readout said. PM Modi had met with the US VP Vance and Usha Vance and their three children, during his visit to Washington in February, and had presented gifts to the children. The US VP 'will discuss shared economic and geopolitical priorities with leaders in each country', the VP's office said. The visit comes amid trade discussions between the US and India, with the two sides trying to stitch up a Bilateral Free Trade Agreement. UNI RN
United News of India
21-04-2025
- Business
- United News of India
US Vice President JD Vance, Second Lady Usha Vance arrive in India
New Delhi, Apr 21 (UNI) US Vice President JD Vance arrived in India this morning along with his wife, US Second Lady Usha Vance and their three children. The US Vice President and the Second Lady were received by Union Minister for Railways and Information and Broadcasting Ashwini Vaishnaw at Palam airport. The US Vice President was accorded a ceremonial welcome at Palam Airport. While Usha Vance was attired in a long red dress, with a white coat thrown over her shoulders, their three children - Ewan, Vivek, and Mirabel -- were wearing Indian attire – the two boys in kurta-pyjama and the daughter in a lehnga-choli. At the airport, they were greeted with Indian Odissi classical dance performers as part of the welcome. The US Vice President, who is accompanied by senior members of the US administration, is set to meet with PM Narendra Modi this evening. The MEA spokesperson said on X: "A very warm welcome to @VPJD Vance, @SLOTUS Mrs. Usha Vance, & the U.S. delegation to India! "Received by Minister of Railways and I&B @AshwiniVaishnaw at the airport. "The Official Visit (21–24 Apr) spanning Delhi, Jaipur & Agra is expected to further deepen the India–U.S. Comprehensive Global Strategic Partnership." The Vice President and his delegation are also to visit Jaipur and Agra before departing for Washington, on April 24. 'The visit will provide an opportunity for both sides to review the progress in bilateral relations and the implementation of the outcomes of the India-US Joint Statement issued on February 13, during the visit of Prime Minister Modi to the US. The two sides will also exchange views on regional and global developments of mutual interest," an India readout said earlier. PM Modi had met with the US VP Vance and Usha Vance and their three children, during his visit to Washington in February, and had presented gifts to the children. The US VP 'will discuss shared economic and geopolitical priorities with leaders in each country', the VP's office said in a statement. The visit comes amid trade discussions between the US and India, with the two sides trying to stitch up a Bilateral Free Trade Agreement. The Vice President and Second Family will also participate in engagements at cultural sites, his office said. The US VP and his wife, who is of Indian origin, had visited Italy before coming to India. UNI RN
