Overview

• Finance minister Nirmala Sitharaman convened an inter-ministerial meeting on Aug. 28 to consider support measures after the new US duties took effect.
• Commerce officials said the Export Promotion Mission will be fast-tracked and non-subsidy steps such as loan moratoria and credit support are being evaluated to tackle a short-term cash crunch.
• A Federation of Indian Export Organisations delegation met the finance minister, who assured comprehensive backing and urged exporters to protect jobs as orders from the US slow.
• The sixth round of India–US Bilateral Trade Agreement talks was postponed, with Indian officials saying both the 25% reciprocal duty and the 25% Russia oil-linked levy must be addressed for a meaningful deal, though engagement continues.
• Banks reported early payment defaults by timber and steel exporters and are preparing for wider stress in labour-intensive sectors, while the RBI chief signaled readiness to deploy measures to limit spillovers.