Finance Minister Meets Textile Industry Representatives Over US Tariff Concerns

Union Finance Minister Nirmala Sitharaman held a meeting in Chennai with representatives of the textile industry to discuss the economic challenges caused by the 50 percent tariff recently imposed by the United States. The session also saw the participation of BJP Tamil Nadu chief Nainar Nagenthiran and BJP national women’s wing president and Coimbatore South MLA Vanathi Srinivasan.

Tamil Nadu Chief Minister M.K. Stalin had earlier said that the steep tariff hike has badly hit the state’s textile exports, leading to losses of nearly ₹3,000 crore in Tiruppur and threatening thousands of jobs. He urged the Union Government to provide relief measures and long-term reforms to safeguard both businesses and workers.

MNM founder and MP Kamal Haasan also appealed to the Centre and the state government to extend urgent support to exporters, warning that the industry is at risk without immediate intervention.

During her address at the 120th foundation day of City Union Bank, presided over by President Droupadi Murmu, Sitharaman said a task force is preparing “next-generation” GST reforms, which will be discussed in the upcoming council meeting. She noted that these reforms aim to strengthen growth through “trust, technology, and transparency.”

President Murmu, in her remarks, highlighted the need to expand financial literacy and digital awareness, especially in rural areas. She urged banks to focus on empowering farmers and boosting the rural economy, while also improving access through payment banks, digital wallets, and local banking correspondents.

At the Chennai meeting, exporters, including SK Sundararaman, chairman of the Southern India Mills’ Association, and A. Sakthivel, chairman of the Apparel, Made-Ups and Home Furnishing Sector Skill Council, joined representatives from 31 textile associations to present a memorandum. They sought immediate relief such as liquidity support, flexible repayment terms, and fiscal aid to prevent large-scale job losses, with estimates suggesting up to 30 lakh workers could be affected.