India approves US$5.1bil package for exporters after US tariffs hit

India's labour-intensive sectors such as textiles, jewellery and seafood, particularly shrimp - which all operate on margins of just three to five per cent - have been hit hardest, causing job losses in industrial hubs in Tamil Nadu and Prime Minister Narendra Modi’s home state of Gujarat. - Bloomberg

NEW DELHI: India's cabinet has approved spending 450.6 billion rupees (US$5.1 billion) on support for exporters, including 200 billion rupees in credit guarantees on bank loans, Information Minister Ashwini Vaishnaw said on Wednesday (Nov 12).

The plan includes the allocation of 250.6 billion rupees over six years for affordable trade finance for small exporters, logistics and market support under an export promotion package to help offset the impact of recent US tariff hikes.