New Delhi, Aug. 8 -- India is preparing to counter stiff US tariffs by pivoting to new markets and offering incentives for exporters, even as Prime Minister Narendra Modi vows to protect the interests of the country's farmers and fishermen.

The government is scrambling to mitigate the impact of the tariffs, which now total 50% on some Indian goods entering the US. The plan, which was discussed in a series of meetings with export councils and trade organizations, is to develop a strategy that doesn't involve retaliation, three people aware of the matter said.

As part of the initiative, India is considering sending trade representatives to "friendly nations" to study their markets and generate demand for Indian goods, one of the people sa...