A key parliamentary panel has recommended reviewing the India-US trade relations and taking appropriate measures as the tariff increase is likely to have a significant impact on finance, commerce and trade industry in domestic and export sectors. It has also flagged the rising rupee-dollar exchange rate, which it has termed as an additional pressure on India. Currently one US dollar is equal to Rs 92, which is severely impacting Indian trade in global market.The Parliamentary Standing Committee on Commerce, in its report on demands for grants for the Department of Commerce, also urged the government to take necessary preventive measures to address the challenges of LPG availability as well as that of crude oil owing to the Gulf crisis. The report was tabled in Parliament on Wednesday.The committee pointed out that globally crude oil and natural gas prices had declined over the past few years, however the prices of petrol, diesel and cooking gas had been gradually rising in the country. This situation, it added, was adversely affecting trade and commerce in both domestic and export markets. In addition, the recent tensions in the West Asia have raised concerns on availability of crude oil and natural gas, mainly LPG, which has become a pressing concern for the citizens of the country.The Rajya Sabha panel headed by TMC MP Dola Sen, further recommended that the Commerce Ministry should undertake a comprehensive assessment of existing trade policies and procedures to ensure a level playing field for Indian exporters and importers, while addressing procedural bottlenecks and improving the ease of conducting international trade.In another significant observation, the committee suggested strengthening domestic manufacturing capabilities to reduce dependence on imports, particularly in crude petroleum, gold and electronic components and also focusing on capacity-building measures and strengthening the supply chain.”Value addition initiative should be a priority to enhance competitiveness and improve overall trade balance with a focus on real ‘Make in India’ and ‘Aatmanirbhar Bharat’,” the panel suggested.