A day after the 50% tariff imposed by the US on Indian goods came into effect, Maruti Suzuki India chairman RC Bhargava said that India should stand united to face the 50% tariffs imposed by the US and not give "in to any kind of bullying".
"It is our duty as Indians to do our very best to promote and maintain our dignity and respect and not give in to any kind of bullying in this matter... the nation has to stand united," Bhargava said on Thursday at the company’s 44th Annual General Meeting.
The 50% tariffs are set to affect labour-intensive industries such as shrimp, apparel, diamonds, leather and footwear, and gems and jewellery. Bhargava warned that the decision has unsettled markets worldwide.
"You're all aware of the global uncertainty that has been caused in recent months. President Trump has in many ways, forced nations to rethink conventional policies and relationships. Personal use of tariffs in diplomacy is being seen for the first time," he told shareholders, as quoted by PTI.
On the domestic front, Bhargava welcomed the government’s plan to restructure the Goods and Services Tax (GST), describing it as a major economic reform.
"We are all hopeful that the proposal which the Prime Minister made will result in the GST of small cars reducing to 18% but we have to wait till the official announcement is made," he said.
He further added that it is a matter of happiness that the government acknowledges the needs of consumers at the lower end of the market.
The Centre has proposed a simplified two-tier GST system of 5 and 18%, with a special 40% rate on a handful of items, as recommended to the group of ministers reviewing tax rationalisation, PTI reported.
Currently, GST is charged at 5, 12, 18 and 28%. Essential goods fall under the nil or 5% bracket, while luxury and demerit items are taxed at 28% with an additional cess.
"It is our duty as Indians to do our very best to promote and maintain our dignity and respect and not give in to any kind of bullying in this matter... the nation has to stand united," Bhargava said on Thursday at the company’s 44th Annual General Meeting.
The 50% tariffs are set to affect labour-intensive industries such as shrimp, apparel, diamonds, leather and footwear, and gems and jewellery. Bhargava warned that the decision has unsettled markets worldwide.
"You're all aware of the global uncertainty that has been caused in recent months. President Trump has in many ways, forced nations to rethink conventional policies and relationships. Personal use of tariffs in diplomacy is being seen for the first time," he told shareholders, as quoted by PTI.
On the domestic front, Bhargava welcomed the government’s plan to restructure the Goods and Services Tax (GST), describing it as a major economic reform.
"We are all hopeful that the proposal which the Prime Minister made will result in the GST of small cars reducing to 18% but we have to wait till the official announcement is made," he said.
He further added that it is a matter of happiness that the government acknowledges the needs of consumers at the lower end of the market.
The Centre has proposed a simplified two-tier GST system of 5 and 18%, with a special 40% rate on a handful of items, as recommended to the group of ministers reviewing tax rationalisation, PTI reported.
Currently, GST is charged at 5, 12, 18 and 28%. Essential goods fall under the nil or 5% bracket, while luxury and demerit items are taxed at 28% with an additional cess.
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