Mumbai, Aug. 20 -- India needs to urgently diversify its export markets as growing US tariff risks could weigh on shipments, particularly from labour-intensive sectors such as textiles and garments, according to the Reserve Bank of India Monetary Policy Committee member Nagesh Kumar.

Kumar, in the minutes of the central bank's August policy meeting, said the US accounts for one-fifth of India's exports and around one-third of labour-intensive exports, making the recent tariff measures a significant concern for the country's external sector.

"The US is the biggest market, accounting for one-fifth of India's exports and around a third of labour-intensive exports such as textiles and garments, these are matters of great concern. India need...