Overview
- The Prime Minister’s Office convened exporters from apparel, leather, gems and jewellery, handicrafts, engineering and seafood to review tariff damage and competitiveness needs.
- Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and top officials joined the meeting as industry sought cheaper export credit and targeted policy support.
- September, the first full month under the extra 50% US duty, saw a 12% drop in Indian merchandise exports to the US to $5.5 billion, with gems and jewellery down over 70% and textiles-related categories falling 25–36%, according to commerce ministry data.
- The government is weighing a package that includes final approval of the Export Promotion Mission, a revival of interest subvention for small and medium exporters, and a credit guarantee for loans up to Rs 100 crore.
- Government sources say India–US negotiations are in advanced stages with legal text being prepared, aiming to remove the two 25% add-ons and potentially bring reciprocal levies down toward 15–20%.