SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) on Wednesday requested the Government of India’s intervention following the implementation of substantial new US import duties on Indian goods.
Effective from Wednesday, American importers must pay a 26% tariff on Indian imports, a significant increase from the previous 0-4% rate. This sudden policy shift is expected to create major financial pressure on US buyers, who will likely extend payment timelines to Kashmiri and other Indian exporters as they adjust to these higher upfront costs.
In response to this imminent cash flow challenge, the KCCI has formally requested that the Government of India implement a 5% interest subvention program to support exporters. The Chamber emphasised that without such relief, many export businesses—particularly smaller operations—may face severe financial strain that could threaten their survival.
“The situation poses a particular threat to Kashmir’s heritage handicraft industry. The region’s distinctive artisanal products, including intricate carpets, fine embroidery, sophisticated wood carvings, and luxurious Pashmina creations, represent both significant export revenue and centuries of cultural tradition. These speciality items, known globally for their exceptional craftsmanship, provide livelihoods for thousands of skilled artisans throughout the Kashmir Valley,” the chamber said in a statement issued here.
It said that prompt government action through interest relief measures would serve both economic and cultural preservation purposes.
KCCI said it firmly believes that Prime Minister Narendra Modi will intervene to safeguard the interests of exporters. “Given the vital role that exporters play in the economy, their challenges must be addressed promptly and effectively,” it said, adding that the chamber is confident that with the Prime Minister’s commitment to promoting trade and commerce, steps will be taken to ensure a conducive environment for exporters to thrive.
KCCI seeks GoI intervention amidst new US tariffs
