US Tariff Impact: Minister Holds Talks with SLBC on Export Sector

THIRUVANANTHAPURAM:
The State Level Bankers Committee (SLBC) will address working capital issues of the exporters in the wake of the US imposing a 50 per cent tariff on imports from India.

This understanding was reached after discussions between SLBC representatives and State Industries, Law and Coir Minister P Rajeeve today.

The apex body of commercial banks assured the minister that this issue would be considered at its meeting to be held on the 18th of this month.

Following the announcement of the punitive tariff, many orders in the export sector have been cancelled or frozen.

The Minister called the meeting with the SLBC after export-oriented units complained that many banks were delaying their applications for working capital.

They raised their concerns at the meeting the Minister held with exporters in Kochi the other day, where the Minister assured them that the government would stand firmly with them.

Rajeeve said while submitting a related memorandum to the central government, he would also include the needs of the export sector.

“The export-oriented industries should also look inwards and utilise the market potential within the rest of India,” he said.

“We will also try to find new export markets with the help of the Loka Kerala Sabha members representing the diaspora.”