Too early to comment on US tariff changes; commerce ministry reviewing situation: Sitharaman
New Delhi (PTI): Finance Minister Nirmala Sitharaman on Monday said it is too early to comment on the tariff changes announced by the United States, and the Commerce Ministry is reviewing the situation.
On Friday, the US Supreme Court gave a verdict against the sweeping import tariffs imposed by the Trump administration on trade partners.
Following the ruling, President Donald Trump imposed a 10 per cent tariff on all countries, including India, for 150 days from February 24. Later on Saturday, Trump announced raising these tariffs to 15 per cent.
Asked about the impact of tariff changes on the Indian economy, Sitharaman said it is "a bit too soon" to comment.
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"But on the trade, particularly, aside from the Indian economy in general, the commerce ministry is reviewing the situation. The delegation will have to take a call on when they are going to go for further negotiations. So, it's a bit too early for me (to comment)," Sitharaman said.
On Sunday, India and the US decided to reschedule the proposed meeting of their chief negotiators, scheduled to be held in Washington from Monday, to finalise the text for the interim trade pact, according to sources.
Joint Secretary in the Commerce Ministry, Darpan Jain, is the chief negotiator of India for this agreement.
Talking to reporters after addressing the RBI's Central Board here, Sitharaman said India has been on a very clear path of wanting to have trade deals and has already inked pacts with Australia, New Zealand, the UAE, Qatar, Oman, the EU and the UK.
"So, therefore, our attempt to have a trade agreement will go on with countries, " she said, adding that India wants the economy to have the advantage of trading globally and being able to reach global markets.
Speaking on the issue, RBI Governor Sanjay Malhotra said, "The government has now a number of agreements for international trade that it has signed. So, that will help our current account even further going forward".
Even on the capital side, he said, it will help because trade and investments generally go together.
Over and above that, a number of policies that the government has come out on the FDI side, the latest being opening up 100 per cent insurance sector and commitment towards data centres, would help boost investment, he said.
"We have sufficient reserves. So, the external side is very strong, including the rest of the macroeconomic sector is very strong," he said.
With regard to setting up the National Financial Information Registry (NFIR), Malhotra said, "We have had multiple rounds of discussion with the government and with all the stakeholders and most of the contours and the framework of the NFIR have been finalised. We are giving final touches in the RBI".
After having done that, he said, the RBI will send its proposals, comments, and suggestions to the government.
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Bengal: Hours after killing of Suvendu's aide, cops say 5 BJP workers injured in bomb attack
Kolkata (PTI): Five BJP supporters have been injured allegedly in a bomb blast in Panihati in West Bengal's North 24 Parganas district, police said on Thursday.
The incident occurred late on Wednesday night, hours after Chandranath Rath, a close aide of BJP leader Suvendu Adhikari, was shot dead by motorcycle-borne assailants, which led to the saffron camp accusing the TMC of unleashing retaliatory violence.
The bomb blast occurred near St Xavier's Institution in Panihati. Unidentified assailants hurled crude bombs at a group of BJP workers, injuring at least five people, police said, adding the injured were admitted to the RG Kar Medical College and Hospital in Kolkata.
According to local sources, BJP workers were interacting with residents on Dutta Road in Panihati's Ward number 2 when a group of motorcycle-borne persons allegedly targeted them with bombs before fleeing.
The BJP alleged that the attackers were backed by the ruling Trinamool Congress, an allegation denied by the Mamata Banerjee-led party.
A senior police official said, "We have started an investigation and are examining CCTV footage from the surrounding areas to identify those involved. Raids are being conducted to nab the accused."
A heavy police deployment has been made in the area.
"We are maintaining strict vigil and appealing to people not to spread rumours. Necessary steps are being taken to maintain peace," the officer added.
Incidentally, the area where the blast occurred is located near the residence of newly elected BJP MLA Ratna Debnath, the mother of the RG Kar Hospital rape victim.
