Indore, July 31 Amid widespread concern, including from the market experts over the impact of the 25 per cent tariffs announced by the US from August 1 on Indian goods, former Indian diplomat Deepak Vohra, on Thursday, claimed that US President Donald Trump's "pressure tactics" will not work in India.
During a visit to Madhya Pradesh's economic capital Indore, Vohra said that there may be some impact for a few days, but India has large-scale market, which is capable to stabilise the situation amicably.
"There are some predictions as no one can say what exactly is going to happen, but I believe that India's internal market is big and well capable to stabilise the situation within it. I believe there would be some ups and downs for a few days, but things would normalise," the former Indian diplomat said while talking to IANS.
Talking about President Trump's decision to impose tariffs on Indian goods, Vohra said that the US President has always followed the "off-balance" strategy during the business deal with other countries, but it won't work against India.
"Today's India is not what it used to be 30 to 40 years ago. Today's India is very confident and counter-productive. We are the fourth largest economy along with a large market. Trump's strategy will not work here for a longer period. If India strongly refused to buy US products, it would affect them as well," he added.
He said that for the past few months, President Trump has started treating Pakistan as its "darling" but the world knows Pakistan's reality.
He added that President Trump's tariff decision as a mix of strategic economic goals and geo-political pressure.
Union Commerce Minister Piyush Goyal in the Lok Sabha on Thursday said that the Union government is examining the impact of the recent events.
He told the House that the Ministry of Commerce and Industry is holding talks with exporters, industries and all stakeholders as well as gathering information on their assessment of this issue.
"Government gives utmost priority to the safeguarding of welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest," Goyal had said.
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