Former senior diplomat Mahesh Sachdev said US tariffs on Indian goods are a "serious setback but not exactly a disaster," warning textiles, gems, jewellery, and seafood exports will be hit hardest, while leather and footwear face limited impact.
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.
Minister of State for External Affairs Kirti Vardhan Singh denounced the United States' decision to impose a 50 per cent tariff on Indian imports on Wednesday, calling it "unjustified, unreasonable, and unfair."
Front-loading by major Asian economies ahead of the US reciprocal tariffs has significantly altered global export patterns, according to a Nomura report.
Jhalani informed that Rajasthan's handicraft market is worth Rs 9000 crores and being a labour-intensive sector, it provides direct and indirect employment to many people.
"This is an attack on our sovereignty. Their decision will not impact our country's economy and development. It would be beneficial if the US president refrained from such ideology, decisions and commentaries... We are capable enough. Whether it is 50% or 100%, it will make no difference..."
Congress president Mallikarjun Kharge on Wednesday lashed out at Prime Minister Narendra Modi stating that his "dear friend Abki Baar, Trump Sarkar" imposed 50 per cent tariffs on India and claimed that the country will suffer Rs 2.17 Lakh Crore as the "first jolt" due to tariffs.
He explained that because of the increased tariffs, Indian goods will be up to 35 per cent costlier in the American market compared to competitors, prompting buyers to look elsewhere.
Shamim Azad, a leather exporter, stated that the United Kingdom is currently experiencing a recession and had some work in the US, but it has completely "flopped" at present. He mentioned that the US customers have asked them to put the orders on hold due to the tariffs.
The recent move by the United States to impose steep tariffs on Indian goods is expected to weigh on the U.S. economy, pushing up inflationary pressures and impacting growth, according to a report by the State Bank of India (SBI).
Criticising the additional 25 per cent tariffs to be imposed by the US on Indian goods as "grossly unfortunate and highly condemnable", CPI(M) MP John Brittas on Tuesday stated that Washington is treating India like a colony, noting that the tariffs were either " a sanction or an embargo".