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The meeting comes after the US lowered its tariffs on China, making India the highest tariff-hit country (File Photo)
Indian exporters of labour-intensive goods such as textiles, leather, gems and jewellery on Monday met Prime Minister Narendra Modi to seek policy support as steep US tariffs have begun to hit exports. The meeting comes after the US lowered its tariffs on China, making India the highest tariff-hit country.
While textile exporters asked the PM for a policy push to boost the competitiveness of Indian products with respect to their competitors—as they are being forced to maintain exports to the US at a loss to retain their market share—gems and jewellery exporters have sought easier interest rates to better compete in foreign markets.
Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said that to ensure a level playing field, GJEPC had requested the government to introduce a special scheme offering export credit at concessional rates, particularly benefiting MSME units.
“Nearly 65% of India’s studded jewellery exports originate from Special Economic Zone (SEZ) units. GJEPC urged the government to expedite the passage of the SEZ Act amendment, which will allow limited domestic sales with fair duty adjustment and enable optimal utilisation of idle capacity during off-seasons—improving productivity, efficiency, and employment stability,” Bhansali said at the meeting, according to a statement.
Representatives from sectors including apparel, leather, gems and jewellery, handicrafts, engineering, and seafood participated in the meeting, they said. From the government’s side, Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, Cabinet Secretary T V Somanathan, and secretaries from the textiles, commerce, and MSME ministries were present. Heads of export promotion councils from these sectors also attended the meeting.
Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
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