India and the United States are back at the table for negotiation. Officials from Indian and the United States’ negotiation team are to hold another round of meetings from August 25-29, as per a PTI report.
This is the sixth round of negotiation between India and the United States to finalise a trade deal. The latest meeting comes after India and the US failed to finalise a deal before the August 1 deadline and the imposition of a 25 per cent tariff on Indian exports by the United States.
Govt comes to help exporters
While the Indian trade official plans to resume talks on a trade deal with the United States, the Indian government is looking at ways to help exports. According to a PTI report, the government is working on certain support measures for exporters in sectors like textiles and chemicals to insulate them from the impact of the Trump tariff.
According to the report, India’s Ministry of Commerce has held meetings with several export sectors, including steel, food processing, engineering, marine, and agriculture, to understand issues they may face due to high tariffs.
Incentive for exporters
Indian exporters from different sectors, such as food, marine, and textiles, are seeking financial assistance and affordable credit from the government to cope with the 25 per cent tariff imposed by the United States. Several sectors, such as petroleum, jewellery, and precious stones, are hit harder than others by tariffs.
Indian exporters are requesting the government to extend fiscal incentives such as interest subsidy and extension of RoDTEP scheme (Remission of Duties and Taxes on Exported Products), RoSCTL (Rebate of State and Central Taxes and Levies), timely payment of dues, and a direct shipping line to the US.
The Indian government is considering the demands from exporters at the moment and is also trying to engage with states to support the exporters, says the report.