The immediate impact of the recently imposed US tariffs on Indian exports may appear limited, but the secondary and tertiary effects on the economy pose significant challenges that must be addressed, highlighted a report by the Department of Economic Affairs under the Ministry of Finance.
Rajasthan Minister Jogaram Patel expressed strong confidence in India's economic resilience in the wake of the 50% tariffs imposed by the United States on Indian exports, effective today.
Evgeniy Griva, Russia's Deputy Trade Representative to India, said oil import prices could fluctuate by 5% amid tariffs. He added that trade between India and Russia is expected to grow around 10%, with Indian exports of machine tools, electronics, pharma, and chemicals increasing rapidly.
The recent move by the U.S. President to raise tariffs on Indian goods to 50 per cent, on top of the existing Most Favoured Nation (MFN) import duties, is set to hit several Indian export sectors hard, according to a report by the Global Trade Research Initiative (GTRI).
While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions.
The US reciprocal tariffs will affect approximately USD 8.1 billion worth of India's exports to the US, while the overall impact on India's economy remains manageable, said an analysis by the Industry body PHDCCI.
Indian exports to the US are projected to decline by nearly 30 per cent, from USD 86.5 billion in 2024-25 to about USD 60.6 billion in 2025-26, as the new 25 per cent reciprocal tariffs come into effect, according to Global Trade Research Initiative (GTRI).
The recent imposition of a 25 percent tariff on Indian rice exports to the United States, along with an additional penalty still pending review, has stirred unease among stakeholders in the agricultural export sector. Despite the challenge, industry leaders suggest that India's inherent s
The government told the Parliament on Thursday that US President Donald Trump has announced a reciprocal tariff on Indian goods, and it is examining the impact of the recent events and will take all necessary steps to safeguard national interest.
Former Union Home Minister and senior Congress leader P Chidambaram on Thursday took a veiled dig at Prime Minister Narendra Modi and said that the 25 per cent tariff on all Indian exports to the United States and penalty for buying Russian oil is a "big blow" to India's trade with the US
"It is a sad day for Indian exports because India is doing exports worth over 100 billion dollars and our surplus is over $40 billion. It will slow down some of our exports and there will be a ripple effect on our manufacturing, particularly in carpet, pharmaceuticals and handicrafts sect