New Delhi, Aug. 28 -- US tariffs on Indian goods have risen to as much as 50 per cent, raising concerns that the steep tax on Indian exports to the US will hit sectors such as textiles, gems and jewellery, and mechanical appliances, potentially dragging India's economic growth lower by as much as 1 per cent. Notably, major sectors such as pharma, semiconductors, electronics, and IT are still exempt from these tariffs.

A new round of US tariffs came into effect on Wednesday, August 27, following which the Indian stock market benchmarks-the Sensex and the Nifty 50-fell by almost a per cent in intraday trade on Thursday.

The Indian government is in mission mode to mitigate tariff pains. From measures to stimulate domestic demand by proposi...