TN CM urges Centre to frame new policies to protect export based industries

Chennai, Aug 30, (PTI) Tamil Nadu Chief Minister M K Stalin on Saturday urged the union government to formulate new policies in the wake of 50 per cent US tariffs to protect India's export-oriented sectors, in particular the textiles.

Considering the consequences of the impact, the Centre should act quickly in this time of crisis and formulate new policies that provide immediate relief to the affected sectors, the CM said in a government statement.

He recalled his letter dated August 16 to Prime Minister Narendra Modi demanding a special financial relief package including a moratorium on principal repayment.

While appreciating the efforts by the Centre to achieve a mutually beneficial trade agreement with the US, he also extended full support in that letter to the country's position to defend national interests.

The CM, in a post on X, referring to an article he has written, said that thirty one per cent of Tamil Nadu's exports go to the US, making the state more vulnerable than the national average.

The state government has rolled out subsidies, schemes and support, but its capacity is limited. The union government must step in with relief measures, GST correction, credit support and new FTAs.

US President Donald Trump has doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil. PTI VGN VGN ROH