New Guidelines Set to Boost India's Export Mission Amid US Tariff Challenges

New guidelines for the Interest Equalisation Scheme and Market Access Initiative will be released soon as part of India's Rs 25,060 crore export promotion mission to counter US tariffs. The mission targets areas like textiles, leather, and engineering, affected by high US import duties.

The detailed guidelines for the Interest Equalisation Scheme and Market Access Initiative, key elements of India's Rs 25,060 crore export promotion drive, will be revealed next week, a senior official announced. This strategic move aims to bolster India's export sectors struggling with US tariff hikes.

Ajay Bhadoo, Director General of Foreign Trade, confirmed that comprehensive instructions for the remaining components of the mission are expected by January 15. The scheme prioritizes sectors like textiles and engineering goods, which have seen decreased US market share due to high import duties.

With the US imposing a steep 50% tariff on Indian goods from August 27, India's exports have suffered. The mission's two sub-schemes, Niryat Protsahan and Niryat Disha, will address these challenges, aiming to reclaim market share and expand into new territories.

(With inputs from agencies.)