Hyderabad: The Congress on Saturday said the Indo-US trade agreement warned that it could harm industries, traders and small businesses. At a dharna organised by the Indian Youth Congress near Indira Park, party leaders said that as per the deal finalised in February, India will now import more from the United States.
The Congress leaders expressed concern over the impact on small and medium enterprises, stating that many such units supply components to public sector undertakings like BHEL. They noted these firms may find it difficult to stay afloat if cheaper imported goods dominate the market, which could also affect employment. “Earlier imports were around $50 billion. Now they could go up to $500 billion. This is an increase. It will put a lot of pressure on markets,” pointed out Hyderabad DCC president Syed Khalid Saifullah.
He said that the Congress government earlier kept import duties high to protect industries. Duties were 37 per cent on many goods and up to 100 per cent on some agricultural products. Now the government has reduced these duties. In some cases they are zero. This lets American products enter India at cheaper prices. “PM Modi may’ve surrendered before US President Donald Trump. But the country will not accept policies that harm its people ” he said.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
