NextFin news, Indian exporters from key sectors met with Reserve Bank of India Governor Sanjay Malhotra on Thursday in Mumbai to press for urgent relief measures as US tariffs of up to 50% begin to impact exports, according to NDTV Profit.
During a two-hour meeting, exporters requested interest subvention to reduce loan burdens, one-time exemptions from disclosing US exposure to rating agencies, and waivers of penalties for payment delays caused by tariff impacts. They also sought moratoriums on existing loans and concessions in non-performing asset (NPA) classifications.
The Federation of Indian Export Organisations, represented by Vice President Ravikant Kapur, proposed a 2.5% carve-out for micro, small, and medium enterprise (MSME) exporters under the 40% priority sector lending norm.
Industry representatives warned that without immediate government and RBI support, production cuts and job losses could accelerate, especially in labor-intensive sectors such as textiles, seafood, gems and jewelry, handicrafts, and leather. India's merchandise exports to the US, valued at about $48 billion, are now facing these higher duties, severely eroding competitiveness.
While the RBI acknowledged the concerns raised, it has not yet committed to any relief measures. Attention is also on the Export Promotion Mission, a Rs 2,250-crore package announced in this year's budget aimed at enhancing market access and supporting exporters through diversification rather than subsidies. This package is pending approval from the Finance Ministry's Expenditure Panel and the Cabinet.
The meeting took place amid growing pressure on Indian exporters to cushion the blow from the US tariff hikes implemented under the Trump administration's trade policies.
Explore more exclusive insights at nextfin.ai.
