New Delhi: Finance Minister Nirmala Sitharaman on Friday stated that the central government is preparing a relief package for exporters to help them cope with the impact of the high tariffs imposed by the United States.
“We cannot leave our exporters high and dry, saying the situation will change soon, we will work with them,"Sitharaman said during an interview with Network18.
Sitharaman confirmed that the package would specifically target industries affected by the 50% tariffs imposed by the US from 27 August.
“There is a package, which consists of many components, that is coming to help them. I will wait for Cabinet approval, but there is something coming to support them so they can withstand this tirade of tariffs. Suddenly looking for newer markets is a challenge, so we will have to help them,” she added.
Earlier last month, US President Donald Trump imposed an additional 25% tariff on India in response to its continued purchase of Russian oil. This brings the total tariff on goods from India to 50%. The order states that India is directly or indirectly importing oil from Russia, which the US views as a threat to its national security and foreign policy.
India Will Continue To Buy Russian Oil
Sitharaman also reaffirmed that India will continue to buy Russian oil. “Whether its Russian oil or anything else, it is our decision to buy from the place that suits our needs, whether in terms of rates or logistics. Where we buy our oil from, especially a big-ticket foreign exchange item where we pay so much, highest in terms of import, we will have to take a call on what suits us best. We will undoubtedly be buying," she said.
