These comments come as a trade war, launched by Tariff on US President Donald Trump’s trading partners, shaking global markets with major stock indices in Asia on Monday (April 7).
Some economists have said that Trump’s tariffs may slow down India’s growth in the ongoing financial year by 20-40 basis points and can cripple areas such as India’s diamond industries, which ships the US more than one third of its exports, leading to thousands of jobs.
Another Finance Ministry official, however, said that tariff announcements will not be put on India’s major fiscal parameters for 2025/26 years.
The second official said that India is open to take more measures to assist exporters affected by high American tariffs.
“We have already made provisions in the budget for duty remission scheme to help exporters,” the official said.
The two officials spoke on the condition of anonymity as they were not authorized to talk to the media.
India’s Finance Ministry did not immediately respond to the e-mail request for comments.
India has not planned to retaliate against Trump’s 26% tariffs on imports from the Asian nation, as the negotiations for a deal amidst the progress of the countries have been reported by the Reuters.
(edited by : Anshul,
first published: April 7, 2025 8:56 AM First
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