Government package to support exporters on cards: Sitharaman

New Delhi: The central government is working on a comprehensive package to support Indian exporters impacted by a steep 50 per cent tariff imposed by the US, Finance Minister Nirmala Sitharaman has said, asserting a multi-departmental engagement is underway to assess the impact on Indian shipments.

Sitharaman said various industries are sharing the impact with the concerned departments or ministries as the second part (25 per cent) of the tariff kicked in from August 27.

“So, we are getting their inputs...something is being worked out to do some hand-holding for those exporters who have been affected by the US tariff of 50 per cent,” she said.

“Till the time we get that assessment, how can we assume how much the impact is? So every respective ministry is speaking to their stakeholders and asking for an assessment of ‘Kitnetak Apke upariskaasarpadega’ (how much will be the impact). We will have to see,” she said.

The tariffs - among the highest in the world - include a 25 per cent penalty for buying crude oil from Russia. On August 7, the Trump administration enforced a 25 per cent tariff on Indian goods, citing India’s persistent oil imports from Russia and long-standing trade barriers.

The sectors which are impacted due to high import duties include labour-intensive segments such as textiles/ clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery. Sectors such as pharma, energy products and electronic goods are out of the ambit of these sweeping duties.