As U.S. tariffs bite, India gives credit lifeline to exporters

Summary

Marketplace Morning Report | November 13, 2025

Episode: As U.S. tariffs bite, India gives credit lifeline to exporters

Host: William Lee Adams (BBC World Service)
Featured Guests: Arunadeh Mukherjee (BBC, Delhi), Matt McGrath (BBC, Brazil), Arsenio Dominguez (IMO Secretary General)

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Brief Overview

This episode delivers a fast-paced roundup of the latest global business and economic news focused on India’s response to U.S. tariffs through a major credit lifeline for exporters. The discussion further expands to global carbon emission trends, shifting energy dynamics, and the ongoing international efforts to decarbonize the shipping sector, reported live from COP30 in Brazil.

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Key Discussion Points & Insights

1. India’s $5 Billion Credit Lifeline to Exporters

• Background: The U.S. has imposed steep tariffs (up to 50%) on Indian goods, notably affecting exports in several labor-intensive sectors.

• Details of the Credit Scheme:

  • $5 billion credit approved by the Indian government.
  • Focus on medium and small exporters hit hardest by tariffs.
  • Aims to prevent job losses in sectors like textiles, jewelry, leather, and chemicals.
  • Offers collateral-free bank loans, running until March next year.
  • Encourages exploration of new and emerging markets to help India approach its $1 trillion export target.

• Why Now?

  • U.S. remains India’s largest export market but exports fell >10% ($5B) in September.
  • No trade deal is imminent between India and the U.S.
  • Inflation rates in India are currently at record lows, giving the central bank more policy flexibility.
  • India’s rationale: imported Russian oil helps keep inflation low, despite friction with U.S. policies.

• Notable Quotes:

  • “The Indian government has approved this credit scheme largely to target medium and small businesses, especially in the context of the US tariffs, which continue to have a cascading impact on Indian exporters and the Indian economy.”
    — Arunadeh Mukherjee, [01:38]

  • “There needs to be some sort of additional support which can help India tide over the current challenging environment, even as officials try to navigate that very elusive trade deal.”
    — Arunadeh Mukherjee, [02:46]

  • “India continues to purchase Russian oil only to keep its inflation in check. That has been India's considered line. So I think it's a very complex web where it's very hard for India, where to pull back, how to satisfy the US and also how to keep India one of the world's fastest growing economies.”
    — Arunadeh Mukherjee, [03:17]

2. Global Markets & Company Updates

• Tencent: Declared a 15% jump in quarterly revenue, fueled by international gaming.
  — [04:00]
• Burberry: Luxury brand’s sales rose 2%, lifting profits to $25 million.
  — [04:03]

3. Climate News: COP30 and Rising Global Carbon Emissions

• Record Emissions: New research (COP30, Brazil) warns of record-high global carbon emissions in 2025.
• Fossil Fuels: Emissions from coal, oil, and gas burning have risen just over 1% this year.
• Mixed Progress: While emission growth is slowing, and deforestation-related emissions have dropped, green energy isn’t yet curbing the rise in global temperatures.
• Notable Quote:
  • “Emissions from fossil fuels are up just over 1%. But the rate of growth of carbon output has slowed remarkably over the past decade... However, new green energy is not yet slowing the rise in global temperatures.”
    — Matt McGrath, [04:23]

4. COP30 Spotlight: Decarbonizing the Shipping Sector

• Shipping Under Scrutiny: Major emissions source; global deal for a shipping emissions levy was recently blocked by the U.S.

• Current Status:

  • Agreement on pricing mechanism postponed by one year to continue negotiations.
  • Ongoing discussions through IMO (International Maritime Organization) working groups.

• US Stance:

  • U.S. (under President Trump) opposed the levy, aiming to prioritize oil and gas sales.

• IMO’s Response:

  • Pushing for consensus and highlighting opportunities and the necessity of decarbonizing shipping and adopting new tech.

• Notable Quotes:

  • “The fact is that the agreement to introduce the pricing mechanism was postponed… for one year in order to continue to engage in negotiations.”
    — Arsenio Dominguez, [05:36]
  • “We’re actually working with all the governments... in order to highlight the benefits in moving towards this decarbonization. There are challenges ahead and of course there is a price to pay...”
    — Arsenio Dominguez, [06:16]
  • “The message continues forward in relation to the countries looking for ways to find the necessary agreements and make progress… There’s still many actions… in research and development, investment, infrastructure… that will actually move us towards a decarbonization.”
    — Arsenio Dominguez, [06:59]

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Timestamps for Important Segments

• [00:58] — India’s $5B credit lifeline for exporters announced
• [01:38] — Discussion on how credit will be delivered and which sectors benefit (Arunadeh Mukherjee)
• [02:56] — India’s economic conditions and context for policy (Inflation, US tariffs, Russian oil)
• [04:00] — Global company earnings: Tencent and Burberry
• [04:15] — COP30: Global carbon emissions report (Matt McGrath)
• [05:25] — Shipping sector & carbon levy interview (Arsenio Dominguez)
• [06:51] — Progress and optimism at COP30 on decarbonization

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Memorable Moments

• The framing of India’s energy and trade policies as a “very complex web” balancing U.S. relationships, inflation control, and sustained economic growth.
• The continued optimism for climate action at COP30 despite major policy setbacks, especially in international shipping.
• Candid, timely assessments from on-the-ground experts in both economic and climate domains.

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Tone and Style

• Factual, brisk, and accessible, with direct attribution to expert voices.
• Provides practical context for policymakers, exporters, and global business watchers.
• Maintains an impartial, global perspective with concise, direct analysis.

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Listeners leave with a clear picture of today’s major economic and climate developments: India’s strategic economic response to U.S. trade pressures, the realities of rising global carbon emissions, and ongoing international climate action negotiations—essential knowledge for anyone tracking global business and policy.

Transcript

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[William Lee Adams]

India unveils a huge credit lifeline for exporters Live from the UK this is the Marketplace Morning report from the BBC World Service. I'm William Lee Adams. Good morning. India's government has approved a $5 billion credit line to support its struggling exporters. The package is designed to help industries hit by steep US Tariffs on Indian goods. It comes as Indian workers across sectors like textiles, jewelry and seafood face big potential job losses. The US Is India's biggest export market, but there is still no sign of a much anticipated trade deal between the two countries. The BBC's Arunadeh Mukherjee is in Del hi. Where's the money going to flow?

[Arunadeh Mukherjee]

Well, basically the Indian government has approved this credit scheme largely to target medium and small businesses, especially in the context of the US Tariffs, which continue to have a cascading impact on Indian exporters and the Indian economy. And this is important because India's merchandise Exports to the US fell by over 10% to over $5 billion in September because of these tariffs. The plan is that this credit scheme will run till March next year, giving collateral free bank loans to exporters to bo competitiveness to help them explore new and emerging markets. The government feels that this will help India progress towards achieving its overall $1 trillion export target.

[William Lee Adams]

Which sectors will benefit the most from the credit?

[Arunadeh Mukherjee]

These are the labor intensive sectors. So you're looking at sectors like garments, like jewelry, leather goods, chemicals. There are also been job losses that have been reported in a lot of these sectors, especially in states where we have manufacturing and exporting hubs, including Prime Minister Narendra Modi's home state of Gujarat as well. So I there is an increasing realization that there needs to be some sort of additional support which can help India tide over the current challenging environment, even as officials try to navigate that very elusive trade deal which both sides have just failed to make any progress on.

[William Lee Adams]

And the government's move comes at a time the economy is doing quite well. Inflation in India is at a record low.

[Arunadeh Mukherjee]

The fact that the inflation figures are coming down is certainly good news. It gives the Indian central bank a little more maneuvering room to see if they can lower interest rates, which might help in the longer run. You know, the whole idea of Trump's tariffs on India, these additional tariffs, which have taken tariffs to 50%, is because India continues to purchase Russian oil. India's purchasing Russian oil only to keep its inflation in check. That has been India's considered line. So I think it's a very complex web where it's very hard for India, where to pull back, how to satisfy the US and also how to keep India one of the world's fastest growing economies.

[William Lee Adams]

Aruna Day, thanks for joining us on Marketplace.

[Arunadeh Mukherjee]

Thanks for having me.

[William Lee Adams]

All right, let's do the numbers. Tech giant Tencent, China's most valuable company, has posted a 15% jump in revenue, propelled by a surge in international gaming. And sales at the luxury fashion company Burberry climbed 2% in the latest quarter, helping push operating profits to $25 million. New research presented at this year's COP30 climate summit in Brazil has warned that global carbon emissions from coal, oil and gas are set to reach a record high in 2025. From Brazil, here's the BBC's Ma McGrath.

[Matt McGrath]

The global carbon budget gives a complicated picture of a world that is going through a massive change in how it generates energy. More coal, oil and gas have been burned this year, so emissions from fossil fuels are up just over 1%. But the rate of growth of carbon output has slowed remarkably over the past decade. And in some areas, such as deforestation, the emissions from cutting down trees have fallen. However, new green energy is not yet slowing the rise in global temperatures. Researchers of COP 30 here in Belem say the level of expected planetary warming has barely changed over the last four years.

[William Lee Adams]

Matt McGrath One sector under particular scrutiny at the COP30 talks is shipping. It's a big emitter that has struggled to agree on a global carbon reduction. Earlier this year, a UN Backed deal was provisionally struck that would have imposed a levy on emissions for large ships. But the US Effectively derailed that agree last month when Donald Trump said it would not stick to the levy. Arsenio Dominguez, Secretary General of the International Maritime Organization, who's in belem for cop 30, is still pushing for that deal. Arsenio hi.

[Arsenio Dominguez]

Hello. Good morning.

[William Lee Adams]

It's about a month since the UN backed proposal to introduce a levy on shipping carbon emissions was blocked by the US where is that deal now? Is it finished?

[Arsenio Dominguez]

No, it's not finished. The fact is that the agreement to introduce the pricing mechanism was postponed at the adoption phase for one year in order to continue to engage in negotiations. And we actually did that the week after where through a working group, all the parties that attended the meeting continued to engage in the development of the guidelines addressing the comments that were expressed during the session. And of course, we're working towards a plan of meetings for next year ahead of the resumption of the extraordinari session.

[William Lee Adams]

Can you understand the stance of the US from a business perspective that the Trump administration wants to sell more oil and gas?

[Arsenio Dominguez]

I wouldn't go directly into what are the objectives or the actions of one specific government from the United nations, but what I can tell you is that we're actually working with all the governments with all the industries in order to highlight the benefits in moving towards this decarbonization. There are challenges ahead and of course there is a price to pay when it comes to decarbonizing a sector like shipping and I'm sure other sectors. And this is why it is important, important from us as we progress in the negotiations at IMO in understanding the concerns and highlighting the benefits in how we're going to unlock all those potentials.

[William Lee Adams]

Some said it would make it much more difficult to achieve anything at cop. Have you received any encouragement from what you have heard so far?

[Arsenio Dominguez]

I've been participating on two days in the conference and the message continues forward in relation to the countries looking for ways to find the necessary agreements and make progress in relation to protection and conservation of the planet. There's still many actions that are taken out there in relation to research and development, investment, infrastructure in order to develop when it comes to shipping, the new technologies, alternative fuels that will actually move us towards a decarbonization.

[William Lee Adams]

Secretary General Dominguez, thanks for joining us on Marketplace.

[Arsenio Dominguez]

It's been my pleasure.

[William Lee Adams]

That's all for today in the uk I'm William Lee Adams with the Marketplace Morning Report from the BBC World Circle.

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