America The heavy tariff on Indian exports has raised concerns about employment in India. Some experts are warning of immediate job crisis, while some experts believe that India’s domestic demand and diversity in trade will help reduce this effect. Workforce Solutions and Human Resources Service Provider Genius HRTech founder and chairman R.K. P. Yadav told PTI, “In addition to 25 percent of the recently imposed by the US, tariffs are expected to have a direct and widespread impact on India’s employment scenario. This will be particularly affected by industries that are very much dependent on the US market for continuity and growth of business.
Crisis on more than 1 lakh jobs in textile industry
RP Yadav said that sectors like textile industry, automobile parts, agriculture and gemstone-jewelery would be the most affected. Its biggest burden will fall on micro, small and medium enterprises (MSME). They estimate that about two to three lakh jobs are in danger. Only in the textile industry, which is dependent on more labor, if this tariff continues for more than six months, then about one lakh jobs can be done. Similarly, thousands of jobs are in danger in the diamond and jewelery industry, because the demand in the US is decreasing and the cost is increasing. ”
India’s economy is based on domestic consumption
However, Balasubramaniam Anand Narayanan, Senior Vice President of Teamlies Services, believes that there is no possibility of jobs at the moment. He says that India’s economy is mostly based on domestic consumption, while China’s high dependence is on exports. He said, “At the moment we are not seeing any signs of lethargy nor the job going. It also means that most of our jobs are based on domestic demand, except only a few sectors such as IT. Our export to America is worth $ 87 billion, which is about 2.2 percent of our total gross domestic product (GDP). The drug industry, electronics will not affect the big areas like electronics. This impact will not be affected. This will remain this impact.
Chance of conversation before tariff is implemented
Balasubramanian said, “These tariffs will apply by the end of this month and there is a possibility of some conversation before that. On the other hand, there have been some good news for us, such as recently there have been free trade agreements (FTAs) with Britain and other countries. If America also applies this new tariff, then we will definitely find a way to turn our business towards other markets or to make them diverse. So at the moment we do not see any signs of job reduction. This situation is constantly changing and we will get more clarity in the coming times. ”
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