'We have to safeguard Indian industry': Karnataka Dy CM DK Shivakumar on share market

Karnataka Deputy CM DK Shivakumar on Wednesday said that Prime Minister Narendra Modi should take a clear stance on the recent stock market fluctuations.

Karnataka Deputy CM DK Shivakumar on Wednesday said that Prime Minister Narendra Modi should take a clear stance on the recent stock market fluctuations caused by the Trump administration's imposition of tariffs.

Karnataka deputy chief minister DK Shivakumar.(PTI)

Speaking to ANI, Karnataka Deputy CM DK Shivakumar said, "PM Modi should take a clear stand and comment on this issue because the Indian market has to be protected. We have to safeguard the Indian industry. He should call an all-party meeting to discuss this. This is affecting the common people as they are losing a lot of money."

Shivakumar said that an all-party meeting is necessary to address the issue, as ordinary people are losing significant amounts of money.

After Trump imposed tariffs, it has significantly impacted global markets, causing increased prices, reduced imports, and slower economic growth.

Also, Congress MP Shashi Tharoor said that the tariffs imposed by the Trump administration have completely shaken up the world and stated that India's main hope lies in effectively negotiating with the Americans for a bilateral trade agreement.

He also expressed concern over the fallout of these tariffs on some countries.

Congress MP Shashi Tharoor told ANI, "It's not only our share market... Our share market has gone down less than many other share markets. They're seeing a couple of trillion dollars lost in the American share market. 3% of our market went down, and 9% of their market went down. It's a very dismaying situation. These tariffs have completely shaken up the world economy... It has created a lot of negative factors throughout the world. There are genuine fears that many countries may face a recession... From India's point of view, our main hope lies in very doing an effective negotiation with the Americans for a bilateral trade agreement... The situation is very unpredictable. Some people were drawing some hope from the fact that other countries who are our competitors, had even higher tariffs upon them than we did. But they are also negotiating now."