Effect of mericiary tariff: Bhagalpur's side industry in crisis, goods worth rupps

The district’s Silk business was once again hit by the international crisis. Local exporters and business people are in trouble after imposing 50 percent rates on the clothing imported by the US government from India. This has caused a huge economic shock to the city’s side industry. According to sources, Bhagalpur exporters are very concerned about this decision. He says that the finished goods that were already ready for the US market are now in the Godowns and that there is immediately no market. Local industrialists estimate that it can cause a loss of crores of rupees. The situation of exporters has also withdrawn from raising orders from America in the light of the situation. This has increased uncertainty in the business. Small and medium business people are also upset about the impact of this global tariff policy. He says the crisis directly affects their business and employees due to the high dependence on the US market. The response from the Industry Association Bhagalpur Silky Industry Association also strongly condemned the decision. The union president said this decision is a serious challenge for the local industry and that a demand for rapid relief from the government. He suggested that tributaries should be adopted to maintain traders in the US market competition. Potential solutions and government experts say exporters will have to look for alternative markets to deal with the crisis. At the same time, the state and central government will also have to take measures to alleviate the industry and reduce the loss. This may include tax exemption, export subsidy or other economic incentives. The impact on the local economy makes a significant contribution from its businesses to the economy of Bhagalpur. A large number of people in the city are related to this industry. The decline in US rates and exports will directly affect laborers and small business people. If the situation continues in this way, the employment crisis and economic pressure can increase. Share this story -tags