Dhaka, Nov. 16 -- India has unveiled a $5 billion plan to boost export competitiveness as it reels under punishing US tariffs.

Washington has tied issues of war and peace to trade, slapping 50 percent duties on New Delhi in retaliation for its continued purchases of Russian oil.

Prime Minister Narendra Modi said in a statement on Thursday that the government had approved an "Export Promotion Mission (EPM)" to "improve export competitiveness".

That nearly $3 billion programme will run until 2030-31, replacing several older schemes with a single framework aimed at helping small manufacturers access cheaper trade finance and meet global quality standards.

"Priority support will be extended to sectors impacted by recent global tariff esca...