Goyal Assures Exporters Amid Trade Uncertainties

New Delhi, Sep 3 (PTI) Commerce and Industry Minister Piyush Goyal on Wednesday assured exporters to support them in dealing with steep tariffs imposed by the US, an official said.

He also reaffirmed the government's commitment to safeguarding the interests of Indian exporters amid the evolving global trade scenario.

He assured industry representatives that the government is actively engaged in creating an enabling environment to help exporters navigate recent challenges, the official said.

The minister urged exporters to upgrade product quality, align with global standards, diversify supply chains, and explore alternate markets.

These issues were discussed during a meeting convened by the commerce ministry with representatives of export promotion councils (EPCs) and industry associations to address rising global tariffs, explore solutions, and chart a path forward amid shifting trade dynamics.

"He assured EPC and industry representatives that the government remains committed to providing a supportive ecosystem through ease of doing business initiatives, targeted trade support, and timely policy interventions to mitigate the impact of rising tariff measures," the official added.

The government is working on an export promotion mission. Rs 2,250 crore was budgeted for the mission. As part of the immediate or short-term response, the government is considering several steps to ease liquidity, prevent insolvencies, and provide greater flexibility for units in SEZs, and promote targeted import substitution.

An exporter said issues flagged by them include fiscal incentives, resumption of interest subsidy scheme and funds under Market Access Initiative.

However, it is unlikely that the government would extend subsidy support, the exporter said.

The discussions primarily centred around recent developments regarding imposition of a steep 50 per cent tariff by the US on Indian products.

Exporters and industry representatives highlighted the challenges posed by these tariff barriers, their impact on the competitiveness of Indian goods in key international markets, and emphasised the need for targeted, sector-specific interventions.

Snapping the two-month declining streak, India's exports rebounded by 7.29 per cent to USD 37.24 billion in July, while trade deficit widened to an eight-month high of USD 27.35 billion during the month.

During April-July 2025-26, exports increased 3.07 per cent to USD 149.2 billion, while imports rose 5.36 per cent to USD 244.01 billion. The trade deficit during the first four months of 2025-26 was USD 94.81 billion.

India's goods exports to the US rose 19.94 per cent to USD 8.01 billion in July while imports increased 13.78 per cent to about USD 4.55 billion during the month, according to the commerce ministry data.

During April-July, the country's exports to the US increased 21.64 per cent to USD 33.53 billion, while imports rose 12.33 per cent to USD 17.41 billion. The US accounted for about 20 per cent of India's exports in 2024-25.