New Delhi [India] August 8 : US President Donald Trump's decision to impose an additional 25 per cent tariff on Indian goods has drawn criticism and concern, even as Industry stakeholders expressed confidence in their long-term resilience.
The Trade Promotion Council of India's founder chairman, Mohit Singla, was blunt in his reaction. "It seems like a strategy to single out India in the global market," he told ANI. Calling the tariff hike as an "unjustified approach towards Indian exports," Singla warned that India had both legal and strategic options at its disposal.
"There are other available markets that the Indian industry is free to look at," he added, suggesting that exporters may shift focus beyond the US. Still, he struck a note of optimism: "Our industry will definitely find its way out... Our government will be able to navigate this tough time and negotiate a common ground with American counterparts soon," he added.
The additional duties have created uncertainty for Indian exporters, but Deepak Shetty, CEO and managing director of JCB India remains cautiously optimistic. His company is closely monitoring the implications. "Presently, we are just watching the tariff conditions and their final applicability and their impact," he noted in an ANI interview.
However, Shetty emphasized the strong reception Indian products have received abroad. "We have received a very positive response to the machines we have already exported... They are like ambassadors from India, providing a fantastic experience for customers." For Shetty, this goodwill is key to future success: "As this matter settles, the market will be there for us."
Industry bodies are also placing trust in the Indian government's measured response. Prashant Girbane, director general of the Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA), echoed this sentiment. "I am very glad to see how the Indian government has responded to it," he told ANI.
"The Indian government is very calm, composed and responding to it one step at a time." Girbane remains hopeful that "sense would prevail in the US administration" and that "the tariffs would be a lot more reasonable and a lot more acceptable for both sides" once negotiations progress.