The central government is now getting ready to help exporters who are suffering from US tariffs following the GST change.
There will be new initiatives to help industries including jewelry, stones, and textiles. This package will assist in discovering new markets, preserving jobs, and lessening the challenges faced by small exporters.
The central government is getting ready to propose aid for exporters hurt by America’s new tax after overhauling the Goods and Services Tax (GST).
According to sources cited by NDTV, a number of initiatives would shortly be launched to assist companies impacted by US President Donald Trump’s 50% tariff, particularly those in the textile, jewelry, and gem industries. This package will assist in discovering new markets, preserving jobs, and lessening the challenges faced by small exporters.
The government of Prime Minister Narendra Modi is creating this aid package based on the assistance provided to MSMEs (micro, small, and medium-sized businesses) during the COVID-19 pandemic.
In order to strengthen India’s international trade, efforts are also being made to expedite the execution of the Export Promotion Mission, which was announced in the budget.
Which industries will benefit?
Recently, the United States levied a 50 percent tariff on Indian goods, with 25 percent of that amount being a punishment for purchasing oil from Russia. Textiles, jewelry and gems, leather, footwear, chemicals, engineering items, agriculture, and marine products are among the industries impacted by this tax.
These industries’ exporters are finding it difficult to stay competitive. Sources claim that the government will give priority to avoiding capital problems, maintaining jobs, and resolving the financial difficulties faced by small exporters.
In addition, plans are underway to find new markets and continue uninterrupted manufacturing. In addition to resolving the present issues, this package aims to improve India’s standing in international commerce going forward.