<p>New Delhi: The Union government is soon likely to come out with a relief package to support industries and exporters that have been impacted due to imposition of high tariffs by the United States on Indian goods.</p><p>The proposed measures are likely to focus on easing pressure on working capital and facilitating exporters in exploring alternative markets, sources said.</p><p>In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced setting up an Export Promotion Mission to boost India’s exports.</p><p>“We will set up an Export Promotion Mission, with sectoral and ministerial targets, driven jointly by the Ministries of Commerce, MSME, and Finance,” the finance minister had said in her Budget speech.</p><p>According to a source, the proposed measures would include operationalisation of the Export Promotion Mission.</p><p>Special focus will be on labour-intensive sectors like textiles, apparel, gems and jewellery, leather and footwear and agri-marine, which have been badly impacted due to imposition of 50% tariffs by US President Donald Trump administration.</p>.Govt will ensure GST reduction benefits are passed on to consumers: Piyush Goyal.<p>“It is very clear that the industries have been speaking about the tariff. The government has designed something for itself. We will come out with something to handhold those who are hit by the 50% tariff,” Sitharaman told a private TV channel.</p><p>The finance minister said that India will continue to buy Russian oil as it proves economical despite the Trump administration’s decision to impose heavy import tariffs on Indian goods.</p><p>“We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it,” she said, adding that India spends most of its foreign exchange on purchases of crude oil.</p><p>“Whether it is Russian oil or anything else, it’s our decision to buy from the place which suits our needs whether in terms of rates, logistics, anything,” she added.</p><p>On measures to help exporters, she said the government was working on it and it would be discussed in the Cabinet.</p>
<p>New Delhi: The Union government is soon likely to come out with a relief package to support industries and exporters that have been impacted due to imposition of high tariffs by the United States on Indian goods.</p><p>The proposed measures are likely to focus on easing pressure on working capital and facilitating exporters in exploring alternative markets, sources said.</p><p>In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced setting up an Export Promotion Mission to boost India’s exports.</p><p>“We will set up an Export Promotion Mission, with sectoral and ministerial targets, driven jointly by the Ministries of Commerce, MSME, and Finance,” the finance minister had said in her Budget speech.</p><p>According to a source, the proposed measures would include operationalisation of the Export Promotion Mission.</p><p>Special focus will be on labour-intensive sectors like textiles, apparel, gems and jewellery, leather and footwear and agri-marine, which have been badly impacted due to imposition of 50% tariffs by US President Donald Trump administration.</p>.Govt will ensure GST reduction benefits are passed on to consumers: Piyush Goyal.<p>“It is very clear that the industries have been speaking about the tariff. The government has designed something for itself. We will come out with something to handhold those who are hit by the 50% tariff,” Sitharaman told a private TV channel.</p><p>The finance minister said that India will continue to buy Russian oil as it proves economical despite the Trump administration’s decision to impose heavy import tariffs on Indian goods.</p><p>“We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it,” she said, adding that India spends most of its foreign exchange on purchases of crude oil.</p><p>“Whether it is Russian oil or anything else, it’s our decision to buy from the place which suits our needs whether in terms of rates, logistics, anything,” she added.</p><p>On measures to help exporters, she said the government was working on it and it would be discussed in the Cabinet.</p>