New Delhi: Facing a major setback after the US imposed a 50% additional tariff on Indian goods, the Indian government has swung into action with a multi-pronged rescue plan. At the heart of this strategy is a push to diversify export markets, with discussions already held with 40 countries, including the UK, Japan, South Korea, Australia, and EU nations.
Textiles remain the top priority, as these countries import USD 59 billion worth of textiles annually—yet India currently holds just a 6% market share. The Centre is determined to capture a larger slice of this market.
Beyond textiles, India is also eyeing new opportunities for shrimp, leather products, and other exports, with Africa and Latin America emerging as key growth destinations.
The US tariff blow is estimated to cost India nearly USD 48 billion (₹4.21 lakh crore). To blunt this impact, the Commerce Ministry is holding high-level consultations with industry leaders, trade experts, and exporters, while also rolling out measures to boost domestic consumption.
