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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K'taka: Interstate Gang arrested for robbery at jewellery shop
Tumakuru (Karnataka) (PTI): Four men were arrested for allegedly robbing a jewellery shop in this district and stealing gold and silver bars worth nearly Rs 20 lakh, police said on Monday.
The incident occurred in Shira town of this district on Sunday, they said.
The accused, identified as Arvind Kumar (28), Dungar Singh (24), Mahender Singh (32) and Madhu Singh (28), all natives of Rajasthan, were apprehended following a combing operation in a forest area after an overnight chase, police said.
According to Superintendent of Police Ashok Venkat, the accused allegedly broke into the jewellery shop on Sunday afternoon and robbed gold and silver articles.
Soon after receiving the information about the robbery, police formed teams and chased the suspects, who reportedly blocked roads leading to villages while attempting to escape.
The accused later entered the forest areas of Mudigere Kaval and Makerahalli, where they hid. After a whole-night combing operation, police arrested the four in what officials described as a "cinematic" operation.
Stolen property recovered from the accused includes 100 grams of gold bars worth approximately Rs 14 lakh, 1.5 kg of silver bars valued at Rs 3.25 lakh, and gold-plated silver bars worth Rs 2.75 lakh.
A vehicle and an iPhone were also seized, police said.
