India will launch 'Special 40' plan against Donald Trump's tariff, exports will revive..

The US President's extra 25 percent tariff has been implemented on India. Now the total tariff imposed by the US on India has become 50 percent. The textile industry is expected to be most affected by this. In such a situation, India has started preparing to execute its 'Special 40' plan. After which, the impact on the textile industry is expected to end completely. Now the biggest question is what is India's 'Special 40' plan? How can Trump's tariff be neutralized from the textile industries with this plan? Let us also give you detailed information about it.

This is India's 'Special 40' plan.

Amidst the imposition of 50 percent customs duty on Indian textile products, the government has planned to run special contact programs in 40 countries to promote textile exports. Giving information on Wednesday, a government official said that major countries like Britain, Japan, South Korea, Germany, France, Italy, Spain, the Netherlands, Poland, Canada, Mexico, Russia, Belgium, Turkey, the United Arab Emirates (UAE), and Australia have been included under this initiative.

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The official said that India will work towards becoming a reliable, quality, sustainable, and innovative supplier of textile products in these 40 markets. Indian missions and export promotion councils (EPCs) will play an important role in this. Although India already exports textiles to more than 220 countries, these 40 countries together import global textiles and apparel worth about $ 590 billion. India's share in this import is currently only five-six percent.

How much can textiles suffer?
The official said that in such a scenario, this initiative of special contact with these countries is going to be an important step towards market diversification. The additional 25 percent duty imposed by the US on Indian products has come into effect from August 27. In this way, the total import duty has increased to 50 percent. It is expected to hurt the exports of sectors like textiles, gems and jewellery, leather, fish, chemicals, and machinery. The export loss of the textile sector alone to the US could be $10.3 billion.

India's competitiveness may decrease.

Apparel Export Promotion Council (AEPC) General Secretary Mithileshwar Thakur said that the industry had already accepted the 25 percent duty rate, but now, with the imposition of an additional 25 percent duty, India's competitiveness has decreased by 30-31 percent in comparison to countries like Bangladesh, Vietnam, Sri Lanka, Cambodia, and Indonesia. Due to this, the Indian textile industry has almost been out of the US market. He demanded immediate financial relief from the government so that the industry could overcome the crisis. He also said that the textile industry is now exploring the possibilities of compensating the losses through trade agreements with Britain and EFTA countries.

Help will also be available in this way.
Under the government's plan, EPCs will assess export markets and identify products with high demand. Apart from this, textile product clusters like Surat, Tirupur, Bhadohi will be linked to international opportunities. Along with this, participation in international exhibitions and trade fairs will also be ensured under the Brand India campaign. Free trade agreements and trade agreements can help make Indian products competitive. In such a situation, this strategic effort can become an opportunity for India to strengthen its position in the global textile export market.

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