CHENNAI: After US President Donald Trump proposed tariff hikes on foreign goods, a Federation of Indian Exports Organisation (FIEO) study has stated that India can get additional exports of around $25 billion due to tariff wars in sectors such as electronics and electricals, automotive parts and components, organic chemicals, apparel and textiles, footwear, furniture and home decor and toys.
Israr Ahmed, vice-president of FIEO, told TNIE that India stands to benefit from Trump’s announcement as it is likely to impact countries like China, Canada and Mexico more than India.
India should allocate an additional corpus fund of Rs 250 crore into the Market Access Initiative Scheme to focus on the US for next three years, he said.
“We need to increase our presence in the US by showcasing a large number of exhibitions, buyer-seller meet and tie-up with large local associations of retailers and distributors in the US with proactive support of the government. We want India to be an alternative for US consumers after tariff duties are imposed on competitors,” he said.
However, the textiles sector is cautious and any tariff hike could impact the exporters in Tiruppur, a prominent textile hub in TN.