Retired National President of the Federation of Indian Export Organisations (FIEO) and industrialist, Ashwani Kumar, has expressed concerns for the industries of Punjab amid Trump Tariff threat.
Ashwani Kumar, who is also the Managing Partner of Victor Forgings, informed True Scoop that hand-tool and scaffolding industry will be hit the hardest with US tariffs after August 7.
Ashwani claimed that the situation looks grim of Punjab industries unless and until India and US reach to a fair consensus.
The former FIEO President also revealed that industrialists and officials went to meet Union Commerce Minister Piyush Goyal and requested for incentive so that the industries can control losses that will take place due to US Tariffs.
However, Minister Goyal denied any kind of incentives for the industries for the time-being. "I retired 2 months back. I was the National President of the Federation of Indian Export Organisations (FIEO). Discussions on this are going on for past 1 year. After Trump came into power, discussions started around this. Our President yesterday (Sunday) went to meet Union Commerce Minister Piyush Goyal. Engineering goods, textile goods industries officials also went to him to have a discussion, but he does not have a solution for this. He directly said, 'we cannot support you financially'."
The former FIEO President said, "Indian Government has totally put their hands up. The scenes of Punjab Industries are looking in a very bad shape. Not only hand-tool industry, Punjab has a very big business of scaffoldings as well. Rs 1500 crore estimate which I gave include that as well."
