India Plans Tariff Relief for Exporters Amid US Trade Challenges
India's government is crafting a support package for exporters affected by a 50% US tariff. Various industries are analyzing impacts, including textiles, gems, and electronics. Finance Minister Sitharaman announced a GST overhaul to reduce prices on essentials, promoting consumption and economic growth.
- Country:
- India
The Indian government, under the direction of Finance Minister Nirmala Sitharaman, is formulating a comprehensive support package for exporters impacted by a steep 50% tariff recently imposed by the United States. A robust, multi-departmental effort is currently assessing the ramifications of these tariffs on Indian goods.
Sitharaman, in a conversation with PTI, detailed how various industries have begun voicing their experiences to the pertinent departments since the subsequent 25% component of the tariff took effect on August 27. The tariff, among the highest globally, includes a 25% penalty for India's crude oil purchases from Russia and persists despite prime trading ties.
Besides addressing the tariff issue, Sitharaman revealed a significant Goods and Services Tax (GST) reform aimed at benefiting all citizens by lowering rates on over 400 products. Set to start from September 22, this overhaul promises lower prices on everyday necessities and the exemption of health and life insurance premiums from tax.
(With inputs from agencies.)
ALSO READ
Very confident that industry will pass on GST rate cut benefits to consumers, says Finance Minister Nirmala Sitharaman.
Will personally monitor from September 22 price reduction of goods following GST rate cuts: FM Nirmala Sitharaman to PTI.
Finance Minister Nirmala Sitharaman writes to states expressing gratitude for GST overhaul.
GST overhaul truly a people's reform, will have positive impact on daily lives of all 140 cr Indians: FM Nirmala Sitharaman.
FM Nirmala Sitharaman explains motive of GST reforms, says "focus will be to ensure rates cuts are passed to common people"
Google News