Amid worries over the impact of 50 per cent US tariffs, finance minister Nirmala Sitharaman on Thursday assured exporters that the govt will extend “comprehensive support” and urged them to protect livelihoods amid global headwinds.
“FM reassured the delegation that govt stands firmly behind Indian exporters in this hour. She emphasised that the govt is committed to addressing all concerns of the exporting community and will explore every possible avenue to safeguard their interests. She also underlined the importance of protecting workers’ livelihoods, calling upon industry leaders to reassure employees of job continuity even amidst global headwinds,” said a statement issued by Federation of Indian Export Organisations (Fieo) after a meeting of exporters with Sitharaman.
Her comments come a day after a 50 per cent tariff (25 per cent tariff plus 25 per cent penalty for import of Russian oil) on Indian exports to the US were imposed by the Trump administration, raising fears over shipments getting hit, resulting in adverse impact on the functioning of export units and workers employed in these factories.
Exporters have petitioned govt for a set of measures to deal with the crisis, which commerce department officials said is being readied, while stating that the “package” will not be rushed through. Besides, the measures are proposed to be tailored in a way that they are not seen as a subsidy to the industry, which is not allowed under global trade rules.
