India’s response to the growing threat of higher tariffs imposed by the United States has been swift. Nirmala Sitharaman, India’s Finance Minister, has revealed that the government is in active discussions with various industries and stakeholders to craft effective responses. The US has signaled its intent to raise tariffs on certain Indian goods, which could significantly affect India’s trade balance and export revenue.
In her remarks, Sitharaman stressed the importance of diversifying India’s export markets to reduce reliance on the US, which has been a major trading partner. India is exploring new avenues in Europe, Africa, and other emerging markets to ensure that its export sector remains robust. Additionally, India is considering offering incentives for industries that could be heavily impacted, including small and medium-sized enterprises (SMEs).
India has also raised the matter at international forums such as the WTO, arguing that unfair tariffs would undermine global trade principles and harm economies worldwide.
