CEA Nageswaran: Tariff Impact Will Be Temporary, Engagement Process Will Bring Relief

Chief Economic Advisor V. Anantha Nageswaran acknowledged that U.S. tariffs will cause hardship for key Indian export sectors such as shrimp and marine products, gems and jewelry, and textiles. He stressed the difficulties faced by farmers, workers, and exporters in these industries are “non-trivial,” requiring efforts to absorb costs or find alternate markets. While short-term pain—possibly lasting a quarter or two—is inevitable, he expressed confidence that the impact will remain temporary, largely confined to the current financial year. On the penal tariff linked to Russian oil purchases, he noted it has not yet kicked in, leaving room for engagement.