India's $5B Export Boost: Countering US Tariffs

Indias Cabinet Approves $5.1 Billion Package to Support Exporters Amid US Tariff HikesIndias cabinet has approved a substantial financial package worth 450.6 billion rupees ($5.1 billion) to aid exporters grappling with new challenges. The plan includes 200 billion rupees in credit guarantees for bank loans, aimed at boosting exporters competitiveness and helping them explore new markets. The package also allocates 250.6 billion rupees over six years for affordable trade finance and logistics improvements. This move comes as the US has imposed tariffs on various Indian goods, with some duties reaching 50%, significantly impacting labor-intensive sectors like textiles and seafood. India is also reportedly close to a deal with the US to expand economic and security ties, potentially leading to a reduction in punitive tariffs. The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.