The government is working on an action plan to mitigate the impact of a steep tariff hike of 50 per cent imposed by the US on Indian shipments, Economic Affairs Secretary Anuradha Thakur said.
“There are certain employment-heavy sectors which do have exposure to the US and to that extent may get affected. The government is well aware of that and is assessing the possible impact and working towards possible solutions,” she said.
Besides, she said the government has taken some steps and more are in the offing to perk up domestic demand, which could also provide some support to manufacturing units feeling heat of US tariffs.
The government in the Budget had announced zero income tax for income up to ₹12 lakh under the new tax regime providing substantial savings to taxpayers. The recently announced GST reforms to be carried out in terms of rate rationalisation, which is expected to bring down prices of many commodities.
Moreover, better than expected monsoon will boost agricultural production and in turn further push rural demand.
