Boosting India's Exports Amid US Tariff Challenges

In a bid to counteract heightened US tariffs, Commerce and Industry Minister Piyush Goyal is set to meet with key figures in the export sector this Wednesday. The focus of the meeting is on strategies that can stimulate India's outbound shipments in the face of a recently imposed 50% tariff on Indian goods entering the United States, an industry official reported.

The meeting is poised to host representatives from export promotion councils (EPCs) and the Federation of Indian Export Organisations (FIEO). The discussion is part of the Commerce Ministry's ongoing efforts to devise action plans across short, medium, and long-term timelines. Tactics under consideration include easing SEZ norms and promoting inventory models for e-commerce exports to help mitigate the impact of steep US duties.

Short-term responses from the government may involve measures to improve liquidity and avert insolvencies. Medium-term efforts are likely to focus on maximizing the benefits of India's free trade agreements and fortifying GST reforms to enhance export competitiveness. Significantly, India's exports experienced a positive turnaround in July, increasing by 7.29% to reach USD 37.24 billion.

(With inputs from agencies.)