

Stacked shipping containers at the Jawaharlal Nehru Port in Navi Mumbai, Maharashtra, India. Photographer: Dhiraj Singh/Bloomberg
India announced relief measures worth more than $5 billion for its exporters pummeled by steep U.S. tariffs, even as the two nations continue working toward a trade deal.
The federal cabinet approved collateral-free loans worth 200 billion rupees ($2.3 billion), it said in a statement November 12. Another 250.6 billion rupees will be handed out over the next six years through a program that seeks to improve access to trade finance, while easing compliance and boosting logistics.
The move will “strengthen liquidity, ensure smooth business operations, [and] reinforce India’s progress towards achieving the $1 trillion export target,” the government said.
Exporters had been seeking relief after President Donald Trump singled out India for purchasing Russian oil, and imposed a stiff tariff of a total 50%. The duty makes Indian goods uncompetitive relative to those from Asian rivals such as Vietnam and Bangladesh.
The crippling levies have hit labor-intensive sectors such as textiles, leather, footwear, and gems and jewelry the hardest. Exports to the U.S. fell by nearly 12% in September from a year earlier, official data showed.
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