Modi govt will safeguard exporters’ interests against Trump's 50% tariffs, assures FM Nirmala Sitharaman
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Finance Minister Nirmala Sitharaman has assured Indian exporters that the government is standing firmly behind them and also emphasised that it is committed to addressing the export community's concerns in the wake of the 50% tariffs being imposed on the country by the Trump administration in the U.S.
As per a statement issued by the industry body Federation of Indian Export Organisations (FIEO), a delegation, led by the organisation's president, SC Ralhan, met FM Sitharaman in order to apprise the government of the many challenges that the export community has been besotted with due to the application of the tariffs.
"During the interaction, Shri Ralhan highlighted the immediate concerns of the exporting community, particularly the adverse impact of higher tariffs on market access, competitiveness, and employment generation. He underscored the need for quick and calibrated policy measures to mitigate the strain on India’s exporters, who have been key drivers of growth and job creation," FIEO said in a statement.
During the interaction, Sitharaman highlighted the need to protect the livelihoods of those who need support, such as workers and farmers and also called upon industry leaders to reassure their employees about job security despite the global uncertainty.
"She affirmed that the Government will extend comprehensive support to exporters to sustain growth momentum and uphold India’s resilience in international trade," FIEO said.
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FIEO's Ralhan expressed confidence after meeting Sitharaman, and added that the government's stance reflects its commitment to Indian exporters.
“The Finance Minister’s reassurance has come as a great source of confidence for the exporting fraternity. Her commitment that the Government will stand shoulder-to-shoulder with exporters demonstrates the priority being accorded to safeguarding India’s trade interests and employment,” Ralhan said.
FIEO also said that it will do whatever it takes and will work closely with the government in order to tide over the present challenges. It also highlighted the need to diversify Indian exports to newer markets so that Indian position with regard to global trade could be strengthened.