Urgent intervention, structural reforms need of the hour: CM Stalin
A few days ago, Stalin warned that Tamil Nadu would be hit harder than most states, as the State's exports are deeply tied to the US market
Chief Minister MK Stalin
CHENNAI: Citing reports of the impact on Tirupur's textile hub due to the US tariff hike of 50 per cent that came into effect on Wednesday, Chief Minister MK Stalin demanded that the Union government provide immediate relief and implement structural reforms to safeguard the industries and workers.
"The US Tariff hike of 50% has hit Tamil Nadu's exports hard, especially Tirupur's textile hub, causing a trade impact of nearly Rs 3,000 crore. Thousands of jobs are at risk. I reiterate my demands to the Union government for immediate relief and structural reforms to safeguard our industries and workers,” Stalin said in his 'X' post, on Thursday.
A few days ago, Stalin warned that Tamil Nadu would be hit harder than most states, as the State's exports are deeply tied to the US market. "Lakhs of jobs in textiles, leather, auto, machinery and other sectors are at risk," he had said.
He also urged Prime Minister Narendra Modi to act swiftly by fixing GST on man-made fibres at 5 per cent, removing duty on cotton imports, extending easy, low-interest loans with a moratorium, and enhancing export incentives and credit.
He assured that the State government would work closely with the Union Government to overcome the trade crisis.
