NEW DELHI: Launching a scathing attack on the Union government after the additional tariffs imposed by the US came into effect on Wednesday, the Congress accused PM Narendra Modi of failing to secure a trade deal and protecting the country.
Congress president Mallikarjun Kharge warned that at least 10 sectors alone will suffer a loss of Rs 2.17 lakh crore due to the first jolt of the tariffs and said the “superficial foreign policy engagements—smiles, hugs and selfies” have hurt national interest.
Kharge said, “Your dear friend ‘Abki Baar, Trump Sarkar’ has imposed 50% tariffs on India, starting today. Our farmers, especially cotton farmers, are badly hit. You had said you are ready to pay any ‘personal price’ to protect them, but you have done absolutely nothing to soften the blow and protect their livelihoods.”
Kharge said a report of the Global Trade Research Initiative (GTRI), suggested that almost 1% of the GDP could be impacted, and that China would benefit. Several export-oriented important sectors, including MSMEs, will experience massive job losses, he said.
“A snapshot, which is just a tip of the iceberg, reveals that the Indian textile export sector is facing potential job losses of about 500,000, including both direct and indirect employment,” he remarked.
Kharge pointed out that in the gems and jewellery sector, 1,50,000 to 2,00,000 jobs could be at risk if the tariffs continue. “Close to 1,00,000 workers involved in diamond cutting and polishing across the Saurashtra region have already lost their jobs since April, when the 10% base US tariff was put in place,” he said.