Mumbai: Chief Minister Devendra Fadnavis Tuesday assured investors that Maharashtra is ready to face the global headwinds amid the global tariffs imposed by the Trump administration.
While speaking at the India Global Forum summit in Mumbai, Fadnavis said the tariffs will have a “moderate impact” on Maharashtra and, otherwise, present a huge opportunity for the state in sectors such as textiles and apparel, among its strongest sectors.
“From the perspective of the state, the US tariffs are rather a huge opportunity for sectors like textile,” Fadnavis said at the summit.
Speaking to the media on the sidelines of the event, Fadnavis further added, “In certain sectors, the tariffs will hit us, but overall, there is a business opportunity being presented to Maharashtra due to these tariffs. We are trying to assess this opportunity and move forward in that direction.”
According to exports, US tariffs, imposed on 2 April, have given certain segments in India, including the textile industry, a relative advantage with rivals such as Vietnam, Bangladesh, and China facing higher tariffs.
Maharashtra is one of the textile hubs of India, contributing 10 percent to the country’s total textile industry.
According to Union government estimates, India’s textile exports have already reached Rs 3 lakh crore, and the goal is to triple this to ₹9 lakh crore by 2030. The sector holds a 4.5 percent share in global trade, with the United States and European Union accounting for 47 percent of India’s textile and apparel exports. India is the sixth largest exporter of textiles globally.
At the summit, Mumbai Metropolitan Region Development Authority (MMRDA) signed Memorandums of Understanding (MoUs) worth Rs 4 lakh crore; the Housing and Urban Development Corporation (HUDCO) worth Rs 1,50,000 crore; REC Ltd worth 1,00,000 crore; Power Finance Corporation Ltd worth 1,00,000 crore; Indian Railways Finance Corporation Ltd worth 50,000 crore; and the National Bank for Financing Infrastructure and Development worth 7,000 crore.
(Edited by Sanya Mathur)
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