FM Sitharaman clarifies the reasons behind the delayed assistance for the export sector
In a recent development, Finance Minister Nirmala Sitharaman has been studying the impact of the 50% tariffs imposed by the United States, with a focus on understanding the extent of damage caused to various industries.
The Finance Minister has been in discussions with different departments and ministries to gather insights into the matter. However, as of now, the specific sectors affected by these tariffs remain unspecified.
Sitharaman revealed that the estimates of the losses incurred by the affected industries will be known once the departments share their findings. At present, there is no publicly available information identifying specific ministries or departments that are actively speaking with affected industries to record the extent of damage.
Despite the ongoing challenges, Sitharaman assured that the reform process will continue in the coming months. She explained that the delay in announcing relief measures is due to the need for a sectoral understanding of the impact of the 50% tariff.
Prime Minister Narendra Modi, too, considers economic reforms a top priority. Sitharaman stated that reforms have never been on the backburner, even during the Covid-19 pandemic.
The government is not immediately providing liquidity or credit guarantee support to US tariff-hit sectors. Relief measures are being considered, but a sector-wise assessment must be completed first. The Finance Minister did not provide specific details about the relief measures being considered.
Sitharaman also mentioned that the pace of progress has been limited due to various factors, but reforms will continue. She assured that the government is committed to supporting industries facing challenges due to the US tariffs.
However, the article does not mention any new timeline for when relief measures might be announced. It also does not provide specific details about the ongoing reforms or the status of the US tariffs in court or any potential refunds owed by the US Treasury.
The Finance Minister's assurance of continued reforms and her focus on understanding the impact of the US tariffs provides a glimmer of hope for industries struggling with these increased costs. As more information becomes available, we can expect further updates on the government's plans to support affected sectors.
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