Commerce and industry minister Piyush Goyal will meet exporters on Wednesday to assess the likely impact of the US’ imposition of reciprocal tariffs on Indian goods—set at 26%—as well as similar or higher duties on competing economies.
The meeting will be attended by export promotion councils and industry chambers. In addition to the tariff issue, the outlook for the new financial year, which has just begun, will also be discussed, according to industry sources.
An official, on Saturday, stated that the government would be reaching out to exporters to deliberate on the emerging trade situation. While India remains in a relatively better position compared to some of its global competitors under US President Donald Trump’s reciprocal tariff framework, certain sectors are still expected to feel the strain.
The government might consider support for the sectors that get impacted, an industry official stated. It is already working on a wider scheme under the Export Promotion Mission (EPM) that was announced in the budget.
Another key issue on the agenda will be the ongoing contraction in global trade flows amid intensifying trade wars, and possible strategies to mitigate its effects on Indian exports.
Many sectors are looking at the government to take the lead in addressing the rapidly changing situation, the official said. India is already negotiating a Bilateral Trade Agreement (BTA) with the US.