India eyeing new foreign buyers to offset US tariffs

Govt is consulting with Ghana, Rwanda, Uganda, Togo, Bahrain, Bhutan, Nepal and Sri Lanka

- Dhirendra Kumar & Rituraj Baruah

India has started consultations with potential buyers from Ghana, Rwanda, Uganda, Togo, Bahrain, Bhutan, Nepal and Sri Lanka as part of a plan to work around the 50% US tariff that severely impacts its small and medium businesses, which account for 45% of exports, according to three officials in the know of the developments.

The ministries of micro, small and medium enterprises (MSME) and commerce have been leading these consultations along with the Indian embassies in these countries. India exports products worth about $18 billion annually to the eight countries. In FY25, India's exports to these countries stood at $18.4 billion, about 4.2% of total goods exports in the last fiscal. India’s total exports to African countries in FY24 was $38.17 billion, and in FY25 it was $35.75 billion.

Total export to South Asian countries was $26.80 billion in FY24 and $27.19 billion in FY25. India’s total goods exports in FY24 was $433.09 billion, and in FY25, it was $433.56 billion.