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‘Cannot leave exporters high and dry; support package in pipeline’: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said the proposed package, which includes several measures, will soon be cleared by the Cabinet.
Finance Minister Nirmala Sitharaman said that govt preparing package to support exporters hit by US tariffs.
Facing the brunt of the US decision to hike tariffs up to 50%, Finance Minister Nirmala Sitharaman assured that the Centre is preparing a package to help exporters tide over the crisis.
In an interview with Network18 Group Editor-in-Chief Rahul Joshi, Sitharaman said the proposed package, which includes several measures, will soon be cleared by the Cabinet.
“We cannot leave our exporters high and dry,” the Finance Minister said. She added, “The situation will change soon… we will work with them. Suddenly looking for newer markets is a challenge, so we will have to help them.”
According to the government’s Niryat portal, India’s total goods exports reached about $434 billion in the year ended March 2025, with nearly 20%—or $86.51 billion—shipped to the US. Engineering goods made up the largest share at $19.16 billion, followed by electronic goods ($14.64 billion), drugs and pharmaceuticals ($10.52 billion), gems and jewellery ($9.94 billion), and ready-made garments ($5.33 billion).
Other major exports to the US include cotton yarn, marine products, plastics & linoleum, leather, carpets, spices, ceramics, handicrafts, rice, mica, coal, cereal preparations, fruits & vegetables, tea, dairy products, tobacco, jute, oilseeds, cashews, and iron ore.
On August 27, US President Joe Biden doubled tariffs on imports from India to as high as 50%, adding an extra 25% punitive duty over India’s continued purchase of Russian oil. The move threatens thousands of small exporters and jobs in India.
On Thursday, Union Commerce Minister Piyush Goyal also said the government is considering multiple remedies to protect businesses heavily dependent on US exports.
Speaking to Joshi, Goyal said, “When I recognized that the garment industry could face some stress, I called up the Tatas, who run Zudio and Westside. I’m going to be talking to all other high-street malls and large retail outlets to see if they can help garment exporters by buying their products and making them available at affordable prices.”
Responding to queries on whether the Centre would ease restrictions on exporters selling within India, Goyal was categorical, “Absolutely, we are trying to make it easier so that they can supply to the domestic market. It’s part of one of the reforms we are working on.”
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