India-U.S. Tariff War: National Efforts to Safeguard Exports

Chief Economic Advisor (CEA) Anantha Nageswaran announced that the Indian government, alongside multiple stakeholders, is diligently working to shield the export sector from harsh U.S. tariffs. Imposed by the U.S., these tariffs significantly increased to a total of 50%, posing a challenge to Indian exports.

During a virtual Indian Chamber of Commerce event, Nageswaran acknowledged that crises often accelerate necessary actions from governments, private sectors, and households. He revealed that ongoing conversations are being held to develop strategies offering both temporal and financial relief for those impacted.

Nageswaran shared optimism about a prospective trade agreement with the U.S. and pointed out "silver linings" in India's economic framework. He stressed the importance of trade diversification, innovation, and deregulation, urging the private sector to use the current situation as a growth opportunity.

(With inputs from agencies.)