India’s central bank has introduced immediate relief measures for exporters struggling with the recent surge in US tariffs. The Reserve Bank of India (RBI) has approved a moratorium on all term-loan repayments due between September 1 and December 31, 2025, giving affected businesses much-needed flexibility.
The tariff increases, including a 25% punitive levy linked to India’s purchases of Russian oil, have pushed export duties to as high as 50%. This has hit major sectors such as garments, jewellery, leather goods and chemicals, leading to a noticeable slowdown in shipments.
India’s merchandise exports to the U.S., its largest trading partner, fell nearly 12% in September. Engineering goods also saw a 10% drop following the tariff hike in late August.
Exporters had previously urged the RBI to provide loan deferments and exchange-rate support, similar to measures implemented during the COVID-19 period. Responding to the growing pressure, the central government recently approved ₹450.6 billion ($5.1 billion) in support, including ₹200 billion in credit guarantees for bank loans.
Amid the strain, U.S. President Donald Trump said this week that Washington and New Delhi are “close” to finalising a deal that could strengthen economic and security ties, raising hopes for a possible easing of trade tensions.
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