New Delhi: Union Commerce and Industry Minister Piyush Goyal on 29 August said India is taking steps to diversify its export markets and strengthen domestic demand to cushion the impact of “unilateral action” by a trading partner.
His remarks came after the US doubled tariffs on Indian goods to as high as 50 per cent, effective 27 August, affecting shipments worth more than $48 billion.
The new duties will hit several sectors, including textiles and apparel, gems and jewellery, shrimp, leather and footwear, animal products, chemicals and electrical and mechanical machinery.
The US, which accounted for around 20 per cent of India’s $437.42 billion goods exports in FY25, has been New Delhi’s largest trading partner since FY22.
To counter the fallout, India is rolling out dedicated outreach programmes in 40 key destinations, including the UK, UAE, Russia, Japan and South Korea. The strategy will focus on international exhibitions, trade fairs, buyer-seller meets and sector-specific campaigns under a unified Brand India framework.
Export Promotion Councils, Indian Missions abroad and industry bodies will play a lead role in mapping markets, identifying high-demand products, and linking domestic production clusters with global opportunities.
Officials said the focus will be on positioning India as a reliable supplier of quality, sustainable and innovative textile products. Together, the identified 40 countries represent over $590 billion in annual textile and apparel imports, while India’s market share remains only five to six per cent.
Free trade agreements and negotiations with several of these geographies are also expected to make Indian exports more competitive.
The commerce ministry will hold a series of consultations with exporters from sectors such as chemicals and jewellery this week to explore new opportunities.
Work is also progressing on the Export Promotion Mission announced in the Union Budget for FY26, aimed at providing long-term support for the Indian industry in overseas markets.
