New Delhi: India is hopeful that the United States will reconsider the additional 25 per cent tariff it has imposed on Indian goods as a penalty for India’s Russian oil purchases.
The Indian government is actively engaging with exporters to increase shipments of key products like textiles, leather, and gems and jewellery to other countries, according to government sources. Officials indicated that financial assistance is likely to be provided to businesses affected by the high tariffs.
This week, the Commerce Ministry will hold meetings with exporters from several sectors, including chemicals, gems, and jewelry, to explore ways to boost exports to new markets. The ministry is also moving quickly to implement the Export Promotion Mission, announced in the Budget for 2025-26.
According to an official, meetings with stakeholders on diversifying exports will take place over the next two to three days. "In the next 2-3 days, the ministry will meet stakeholders on the diversification of exports," the official added.
The steep tariffs are expected to affect exports worth more than $48 billion. Sectors likely to feel the impact include textiles and clothing, gems and jewelry, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery. However, sectors such as pharmaceuticals, energy products, and electronic goods are not included under these duties.
The United States has been one of India’s largest trading partners in recent years. In 2024-25, India exported $86.5 billion worth of goods to the US, while imports from the US were valued at $45.3 billion. Overall, the US accounted for about 20 per cent of India’s total goods exports of $437.42 billion during the year.
