US Tariff Reduction Offers Lifeline to Indian Carpet Industry

The US's reduction of tariffs on Indian carpets from 50% to 18% brings significant relief to India's carpet industry. The move is set to benefit 2.5 million weavers, enhancing exports worth $2 billion to the US annually, marking a positive turn for the sector.

In a significant move, the Carpet Export Promotion Council (CEPC) announced that the United States has slashed tariffs on Indian carpets from 50 percent to 18 percent. This reduction offers a substantial relief to India's carpet industry, which exports around USD 2 billion worth of goods to the US each year.

The lower tariffs are expected to have a direct positive impact on approximately 2.5 million weavers connected with the sector, according to a statement from CEPC. Chairman Captain Mukesh Kumar Gomber highlighted this development as a cause for 'unprecedented happiness' within the industry.

CEPC Vice-Chairman Aslam Mahboob expressed optimism about the financial outcome of the current year and the outlook for the upcoming one. Gratitude was also directed towards key government figures, including Prime Minister Narendra Modi, for their efforts in achieving this bilateral trade agreement with the US.

(With inputs from agencies.)