Mumbai: Chief Minister Devendra Fadnavis on Wednesday said the state government has set up a war room to deal with the impact of the US decision to impose a 50 per cent tariff on Indian goods, effective August 27, and will look to tap new markets to offset the blow.
Speaking to reporters at his official residence, Varsha, after Ganesh Chaturthi prayers, Fadnavis said the government would turn the crisis into an opportunity by seeking alternative trade options. “The government will make all efforts to convert the present crisis into an opportunity by exploring new market options. When one path is shut, many other paths open. We have kept our eyes open for new opportunities. We will take this challenge as a new opportunity,” he said.
The Chief Minister said the war room would focus on diversifying exports, cutting production costs and enhancing competitiveness, with nearly 100 reforms being targeted. He added that discussions were underway with the Union government to safeguard industries and jobs in Maharashtra.
Maharashtra, which accounted for 15.37 per cent of India’s total exports in 2023–24, is the country’s second-largest exporting state, with shipments worth Rs 5.56 lakh crore. Of this, exports to the US stood at Rs 1.11 lakh crore. Mumbai City, Mumbai Suburban, Pune and Thane districts contributed 74 per cent of the state’s exports.
The state’s key exports include pearls, precious and semi-precious stones, jewelry, pharmaceuticals, motor vehicles, and iron and steel. Its major trade partners are the UAE, Hong Kong, Belgium, the UK, China, Italy, the Netherlands, Germany and Mexico.
Meanwhile, Fadnavis said Ganeshotsav Mandalas across the state have embraced Prime Minister Narendra Modi’s appeal to highlight Operation Sindoor and promote the themes of self-reliance and Swadeshi during the festival.
On the recent Ganapati Darshan visit by Shiv Sena (UBT) chief Uddhav Thackeray and his family to Maharashtra Navnirman Sena leader Raj Thackeray’s residence, Fadnavis remarked that it was good that both brothers have come together.