Impact of US tariff: AIADMK leader Palaniswami urges PM Modi for six-month moratorium of loan payment

In view of the impact of the additional tariffs on Indian exports imposed by the U.S. government, AIADMK general secretary and former Tamil Nadu Chief Minister Edappadi K. Palaniswami has urged Prime Minister Narendra Modi for a moratorium of loan payment for six months to avoid job losses.

In a statement, Mr. Palaniswami also urged the Tamil Nadu government for creative steps to ensure there is no impact in the production in the textile industry in the State. He criticised the DMK government over rise in property tax, electricity tariff, price of cotton, among other factors that impacted the industry.

Referring to Tamil Nadu Chief Minister M.K. Stalin’s social media post urging the Prime Minister for steps to protect the industry since the additional tariffs were imposed, Mr. Palaniswami charged the textile industry has been facing several challenges since the DMK government assumed office in 2021.

“Those importing Indian goods in the U.S. goods have to pay more. So, sales of the Indian goods in the U.S. would come down, unable to compete with imports from other countries. The goods could be exported to other countries only if the production is not affected. The DMK government should undertake creative steps to remove the challenges facing the industry,” he said.

Pointing out the number of spinning mills were high in Coimbatore, Erode, Tiruppur, Karur and Namakkal districts, among others, providing employment to several thousands of people, Mr. Palaniswami charged some of the actions of the DMK government since 2021 have impacted the textile industry.

“Mr. Stalin, who always blames the Central government for everything only to hide his government’s state-of-affairs, is shedding crocodile tears over the impact of textile exports from Coimbatore and Tiruppur due to the additional tariffs imposed by the U.S.,” Mr. Palaniswami charged.