India needs to come together to deal with the 50 per cent punitive US tariffs on Indian products and stand up to any kind of bullying, Maruti Suzuki India chairman R C Bhargava said on Thursday.
"It is our duty as Indians to do our very best to promote and maintain our dignity and respect and not give in to any kind of bullying in this matter... the nation has to stand united," Bhargava said at the company's 44th Annaul General Meeting in New Delhi.
The US's 50 per cent tariffs on Indian goods came into effect on Wednesday, and will impact exports and job creation in labour-intensive sectors such as shrimp, apparel, diamonds, leather and footwear, and gems and jewellery.
Bhargava said the US tariffs have led to upheaval across the markets globally.
"You're all aware of the global uncertainty that has been caused in recent months.
"President Trump has in many ways, forced nations to rethink conventional policies and relationships.
"Personal use of tariffs in diplomacy is being seen for the first time," he told the company shareholders.
He also termed the Goods and Services Tax (GST) restructuring announcement as a major economic reform.
"We are all hopeful that the proposal which the Prime Minister made will result in the GST of small cars reducing to 18 per cent but we have to wait till the official announcement is made," Bhargava said.
It is a matter of happiness that the government has recognised that there are a large number of consumers that are at the lower end of the market, he added.
The Centre has proposed a two-tier GST structure of 5 and 18 per cent, besides a 40 per cent special rate on a select few items to the group of ministers (GoM) on GST rate rationalisation.
GST is currently levied at 5, 12, 18 and 28 per cent.
While food and essential items are either at nil or 5 per cent, luxury and demerit goods are in the 28 per cent slab, with a cess on top of it.