"Given, India's price competitiveness and supportive government policies, we expect GDP to see only a 0.1 per cent impact," said PHDCCI in a statement.
Dr Huzaifa Khorakiwala, Executive Director of Wockhardt Limited, on Saturday said that the fall of US reciprocal tariffs on Indian pharmaceutical products will pose a significant challenge to the industry.
He expressed happiness over US President Donald Trump's decision to enforce a 90-day pause on wide-ranging tariffs and lower the reciprocal tariff on India and other countries that have initiated trade talks with the United States during this period to 10 per cent.
Evan A Feigenbaum, Vice President for studies at the Carnegie Endowment for International Peace, believes that there is a lot of pressure from the financial markets on the US administration to change its course.
The pause in reciprocal tariffs by the US adminstration offers Indian businesses a short-term advantage--especially in sectors like textiles, leather, engineering, and electronics, where India competes directly with China, said Global Trade Research Initiative (GTRI) Founder, Ajay Srivastava
Indian stock indices closed handsomely higher on Friday, supported by the Trump's decision to pause the reciprocal tariffs on dozens of countries, including India, for 90 days.
Sunil Kant Munjal, Chairman of Hero Enterprise on Friday said he views Trump's reciprocal tariffs on partner countries as an instrument to get fairer deals with them.
The surge came after US President Donald Trump announced a 90-day postponement of reciprocal tariffs for 75 countries, including India, amid an escalating trade war with China.
Union Commerce and Industry Minister Piyush Goyal on Thursday said that India is handling the US reciprocal tariff issue wisely, with a focus to increase its trade with the US by two and half times.
China and EU vowed to jointly uphold the multilateral trading system with WTO at its core. Wang also via video call with Malaysia on enhancing China-Malaysia and China-ASEAN eco and trade cooperation and jointly responding to US tariffs.
European Commission President Ursula von der Leyen welcomed US President Donald Trump's decision to pause reciprocal tariffs for over 75 countries, calling it an important move to stabilise global trade amid escalating tensions between the US and China.