Government's Export Promotion Mission: A Lifeline for Impacted Sectors
The Indian government is prioritizing support for textiles and chemicals sectors under its export promotion mission, aiming to mitigate the impacts of US tariffs. Announced in the Budget, the Rs 2,250 crore mission includes credit schemes and branding initiatives to seize emerging export opportunities and counteract trade challenges.
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In response to the severe impact of US tariffs, the Indian government is expected to prioritize support measures for heavily affected sectors, notably textiles and chemicals. Sources from the industry have confirmed that these discussions took place during the commerce ministry's consultations with exporters from these sectors.
The government's export promotion mission, announced with an outlay of Rs 2,250 crore, aims to support sectors hit hard by tariffs through credit schemes, overseas warehousing facilitation, and global branding. The mission is part of efforts to explore emerging export opportunities amid rising trade challenges.
Announced during the recent Budget, the mission underscores India's dedication to bolstering its international trade presence against a backdrop of disrupted global trade and heightened tariffs. The US's additional 25 percent duty on Indian goods has compounded challenges for sectors such as textiles and chemicals, already significant contributors to US imports.
(With inputs from agencies.)
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