India's Export Strategy: Navigating US Tariffs
The Commerce Ministry is set to meet with exporters from various sectors to address the effects of new 50% US tariffs. Discussions will focus on boosting exports to new markets. The mission aligns with the Export Promotion Mission outlined for 2025-26. Key affected sectors include textiles, gems, and chemicals.
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The Commerce Ministry is launching a series of crucial meetings this week with exporters from diverse sectors, aiming to chart new paths to boost exports amid the US's imposing 50% tariffs on Indian goods. This strategic move seeks to shield domestic industries from the harsh economic impact of these new tariffs.
According to an official, fast-paced progress is underway on the formulation of the Export Promotion Mission, poised to commence as part of the 2025-26 Budget measures. The tariff, effective from August 27, affects exports valued over USD 48 billion.
Significant sectors like textiles, gems, jewellery, shrimp, leather, and chemicals are poised to face severe challenges, while industries such as pharma and electronics remain unaffected. This development underscores the critical role of the US as India's largest trading partner, with bilateral trade in goods reaching USD 131.8 billion in 2024-25.
(With inputs from agencies.)
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