India's Strategic Response to US Tariff Challenge
Chief Economic Advisor Anantha Nageswaran announced that the Indian government and stakeholders are strategizing to mitigate the impact of new US tariffs on Indian exports. Efforts focus on providing financial support and encouraging growth amid economic challenges and potential opportunities highlighted by recent GDP improvements.
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The Indian government is scrambling to provide relief to export sectors hit by a newly imposed steep 50% tariff on goods entering the US. Chief Economic Advisor Anantha Nageswaran stated that ministries and stakeholders are tirelessly collaborating to cushion the economic blow and ensure resilience.
In light of the tariff's financial strain, conversations among exporting bodies and the Ministry of Finance aim to craft a dual-strategy of financial and time support. The intention is to help affected sectors thrive despite the challenging landscape.
Among these hurdles, Nageswaran pointed to positive notes in the nation's economic outlook, such as the real GDP growth rate rising by 7.8% year-on-year, driving optimism amid concerns of nominal growth initially predicted lower by economists.
(With inputs from agencies.)
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