AMID pressure on goods exports to the US due to high 50 per cent tariffs, the Union Cabinet on Wednesday extended additional credit facilities up to Rs 20,000 crore to exporters, and also approved a six-year Export Promotion Mission with an outlay of Rs 25,060 crore announced in the Budget this year.

The decision comes at a time when the impact of tariffs has begun to show with shipments to the US in September declining by 12 per cent. Engineering goods exports, which make up nearly a quarter of India’s total goods outbound shipments, dropped 9.4 per cent to the US, official data showed.

Steep 50 per cent US tariffs came into effect on August 27. After the China-US trade deal, tariffs on India are the highest globally.

Under EPM, priority support will be extended to sectors impacted by

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