The central government is preparing to bring a big relief package soon to counter the heavy tariffs imposed by the US on Indian goods.
According to sources, the government is working on a special plan to protect the industries that have been affected the most by these American tariffs. According to the report, preparations are underway to provide immediate relief to sectors like textiles, gems and jewellery, leather and chemicals, which are affected by the 50 percent tariff imposed by US President Donald Trump.
This package is being prepared on the same lines as the one given to rescue the MSME sector during the Covid-19 pandemic. The main objective of the government is to protect small exporters from cash crunch, avoid job losses and find new international markets for Indian products.
The US has recently imposed a heavy duty of 50 percent on many products coming from India. It is said that an additional duty of 25 percent has been imposed as a penalty for buying oil from Russia. Due to this decision, Indian exporters are on the verge of being eliminated from the competition in the international market.
According to sources, this relief package may include several announcements such as easy credit for small exporters, measures to reduce capital problems and financial assistance to continue production without interruption.
Along with this, the government is also emphasizing on the speedy implementation of the ‘Export Promotion Mission’ announced in the budget, which can further strengthen India’s partnership in world trade. This package will not only overcome the current crisis, but also prepare Indian businesses to face such crises in the future.
