US President Donald Trump has imposed a 50 percent tariff on Indian exports. Due to this, the textile, diamond, and shrimp business will be greatly affected. Now, former RBI governor and famous economist Raghuram Rajan has termed this tariff on India as 'extremely worrying'.
Raghuram Rajan gave this warning
Raghuram Rajan said that for India, being overly dependent on a single trading partner is like a disaster, and this is a big warning.
Rajan warned that in today's global system, trade, investment, and finance are rapidly being weaponized, and India should take steps carefully.
What did Raghuram Rajan say?
Raghuram Rajan said that trade has now become a weapon. He further said,
This is a warning. We should not be too dependent on any one country. We should look east, to Europe, to Africa, and catch up with the US, but implement reforms that help us achieve the 8-8.5% growth rate we need to employ our youth.
A 50 per cent tariff imposed by Washington on Indian goods, which came into effect on Wednesday, includes an additional 25 per cent penalty on India's purchase of Russian oil. While India has faced tough tax by the Trump administration for buying Russian crude, no major tariffs have been imposed on China and Europe, the biggest importers of Russian oil.
Suggestion given on Russian oil imports
The former RBI governor suggested that India re-evaluate its policy on Russian oil imports. We have to ask who is benefiting and who is losing. Refiners are making excessive profits, but exporters are paying the price through tariffs. If the benefit is not very high, then perhaps it is worth considering whether we should continue these purchases.
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