New Delhi, Aug. 31 -- Chief Economic Advisor (CEA) Anantha Nageswaran on Saturday said that the Indian government, along with various stakeholders, is "working overtime" to cushion the effects of an additional 25% tariff imposed by the United States on Indian exports, which brings the total duty to 50%.

Speaking at an event organized by the Indian Chamber of Commerce, he mentioned that this unexpected development, which took effect on August 27, has prompted immediate discussions in the last three to four days, involving exporting bodies, private sector promotion agencies and the ministries concerned.

The Ministry of Finance and other ministries are formulating a strategy to provide both a "time cushion" and a "financial cushion" to the...