New Delhi: Indian exporters, hit hard by some of the steepest US tariffs globally, are preparing to approach the Reserve Bank of India for support. According to sources quoted by NDTV Profit, industry representatives will meet RBI Governor Sanjay Malhotra on Thursday, September 11, to push for easier loan repayment terms and a waiver of penal interest in a bid to ease financial stress.
Exporters are seeking a 12-month break from credit repayments and a more relaxed NPA classification for export loans of up to 180 days, sources told NDTV Profit. They are also pressing for a sovereign guarantee scheme that would help them explore and enter new markets with greater confidence.
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The Trump administration has slapped a 25 per cent punitive tariff on India for buying Russian oil, in addition to an existing 25 per cent base rate. This 50 per cent duty is among the steepest in Asia, leaving Indian goods at a disadvantage compared to competitors like Vietnam, South Korea, and Bangladesh. Since the US is India’s largest export market, these tariffs are likely to hit labor-heavy industries such as textiles, footwear, and gems and jewelry the hardest.
After the ‘Liberation Day’ tariff shock, the Reserve Bank of India trimmed the country’s GDP forecast by 20 basis points in April. To support the economy, it also cut the repo rate by 100 bps and injected fresh liquidity into the system. Meanwhile, exporters have been lobbying the RBI for relief — with Bloomberg News reporting that they want permission to convert their US dollar earnings at a rupee rate 15 per cent lower than current levels, as a cushion against Trump’s steep tariffs.
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