The government is trying to speed up the rollout of export promotion mission to help exporters, a government official said on Thursday, a day after US imposed a total of 50 per cent tariffs on Indian shipments
Pic/Istock
The government is trying to speed up the rollout of export promotion mission to help exporters, a government official said on Thursday, a day after US imposed a total of 50 per cent tariffs on Indian shipments. Exporters, the official said, have sought help on the liquidity front, “and all issues are under consideration of the government.”
“Export diversification, new free trade agreements, rollout of export promotion mission and growing domestic market will help provide cushion to Indian exporters from the impact of US tariffs,” the official said.
“The government is seized of issues being faced by exporters, and positive work is going on to help them,” the official said. The official said diversification of exports “will help exporters sustain trade trajectory in the long run”.
As regards the proposed India-US bilateral trade agreement, the official said, “We are hopeful to get back on the table soon.” However, the official added that the new dates for the next round of negotiations for the trade agreement have not yet been finalised.
FM to exporters: Govt’s got your back
FM Nirmala Sitharaman assured an exporters’ delegation that the government stands firmly with them in this challenging time and is committed to addressing their concerns, while exploring every possible avenue to safeguard their interests amidst high US tariffs, FIEO said in a statement. The assurance was given to a delegation of the Federation of Indian Export Organisations (FIEO) led by its President S C Ralhan.
Diamond trade set to lose sparkle
India’s natural diamond polishing industry faces a 28-30 per cent fall in revenues to USD 12.50 billion in this financial year as the steep 50 per cent tariff imposed on Indian exports by the US kicks in, a report said on Thursday. An additional 25 per cent tariffs on Indian products entering the American market came to effect on Wednesday after the US administration’s move to penalise India for purchasing Russian oil. This is on top of the 25 per cent the reciprocal tariff imposed by US President Donald Trump in April. During 2024-25, the revenue of the natural diamond polishing industry in India stood at around USD 16 billion, Crisil Ratings said in a report.
Stalin: US tariff tears into TN’s exports
Tamil Nadu Chief Minister M K Stalin said the US tariff hike to 50 per cent on Indian imports has severely affected the state’s exports, impacting about Rs 3000 crore to Tiruppur’s textile sector, besides putting thousands of jobs at risk. He urged the Central government to introduce structural reforms to safeguard the domestic industries and workers. “The US Tariff hike to 50 per cent has hit Tamil Nadu’s exports hard, especially Tiruppur’s textile hub, causing a trade impact of nearly Rs 3000 crore and putting thousands of jobs at risk,” the CM said on ‘X’. He reiterated his demand to the Union govt for immediate relief and structural reforms to safeguard the industries and workers.
Maruti boss: Stand tall against the tariff bullying
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. Addressing shareholders at the company’s 44th Annual General Meeting (AGM) here, the veteran industry leader also noted that reduction in GST on small cars would help in reviving the growth of the industry. “We are all aware of the global uncertainty that has been caused in recent months. President Trump has in many ways, forced nations to think. Conventional policies and relationships, in particular, the use of tariffs in diplomacy is being seen for the first time,” Bhargava noted.
Russian oil ‘gain’ just a drop in barrel
India’s gains from importing discounted Russian oil are estimated to be just USD 2.5 billion per annum, significantly lower than the previously speculated range of USD 10-25 billion, a research report said on Thursday. Stopping Russian oil imports would force India, the world’s third-largest oil importer and consumer, to rely on limited alternatives, potentially driving global crude prices up to USD 100 per barrel amid rising demand and tight supply. “Benefit from Russian oil imports is way less than exaggerated media numbers,” brokerage CLSA said in a report.
US tariff blow to a quarter of textile exports
Pic/istock
As the 50 per cent tariffs imposed by the US come into effect, close to one-fourth of India’s textile exports may be severely impacted in the next six months, with America being the largest export market for the country’s apparel industry and exporters grappling with order cancellations, experts said on Thursday.
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