(MENAFN- KNN India) New Delhi, Oct 1 (KNN) India's marine exports may suffer significantly after the U.S. imposed a steep 50 percent tariff, the Ministry of Commerce and Industry told Parliament's Public Accounts Committee.

According to the ministry, this tariff puts Indian exporters at a disadvantage compared to competitors from other countries which are not facing similar trade barriers.

The new duty measure is part of a broader U.S. move to raise import costs on Indian goods. Many Indian exports to the U.S. - including seafood and other marine products - now face considerably higher import charges.

Industry representatives caution that they cannot absorb such a large cost increase. To stay afloat, exporters may pass much of the additional burden to U.S. buyers.

Meanwhile, some exporters are strategically shifting their focus to alternate markets like the European Union, China, and the Middle East - hoping to reduce dependence on the U.S. market.

States like Odisha, whose economy depends heavily on seafood exports, are already planning emergency support measures for affected businesses and workers.

Trade bodies have called for government relief - such as tax breaks, interest subsidies, or other financial support - to help exporters cope with the sudden tariff shock and preserve India's export competitiveness.

As exporters brace for reduced margins and lost market share, the government faces pressure to protect vulnerable sectors and push for trade diversification to counter the disruption.

(KNN Bureau)

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