India preparing to provide relief to sector hit by US tariffs, special package soon

NEW DELHI: The export sector is in crisis due to the excessive duties imposed by the United States. Now, the central government is preparing to take relief measures on this issue. The central government will immediately implement a special package to help exporters. Union Finance Minister Nirmala Sitharaman announced this. The minister said that it is impossible not to intervene in the matter, hoping that the situation will improve.

The US had decided to impose high tariffs on Indian products from the 27th of last month. The minister clarified that this decision will be a special package for the industries affected by this tariff hike. A multi-component package is being brought to help exporters. It is awaiting cabinet approval. Finding new markets quickly is a challenge for exporters. Therefore, exporters need to be helped, the minister said.

However, the minister was not ready to reveal the details of the package to be implemented. The Trump administration decided to impose excessive duties after India refused to accept the US demand that India not buy oil from Russia. After this, relations between the two countries deteriorated. Nirmala Sitharaman clarified that India has decided to continue buying oil from Russia.

Oil imports are a huge expense for the central government. India has already made it clear that it has no other interest in importing oil for the country's needs. However, the United States has accused India of helping Russia in the war in Ukraine by buying oil from Russia.