New Delhi: India exports goods worth Rs 38 lakh crore every year. Out of this, about 20 percent of the goods are sold in the United States. But now, the US has decided to put 50 percent import tariffs (extra tax on goods from India). This may affect Rs 4.22 lakh crore worth of exports from India.
India’s Plan to Handle US Tariffs
Finding New Trade Partners: To reduce dependence on the US, the Indian government has made a plan to boost trade with 50 other countries. These include European countries, Russia, China, Middle East, and African nations.
Free Trade Agreements (FTAs): India has already signed a trade deal with four countries – Iceland, Liechtenstein, Norway, and Switzerland. This deal will begin from 1st October. A trade deal with the UK may start in April next year. Talks are also going on with Oman, Chile, Peru, Australia, New Zealand, and the European Union.
Sector-wise Market Focus
India is looking for specific markets for different products:
Seafood Exports: Target markets include Russia, UK, EU, Norway, Switzerland, and South Korea.
Diamonds and Jewellery: India will now focus on countries like Vietnam, Thailand, Malaysia, and several African nations.
