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Impact of US tariff hike on Indian industries

India AwareBy 210 Comments2 Mins Read

The 50 per cent tariff imposed by the US will have a varied impact on Indian companies. According to the latest report by S&P Global Ratings, the textiles and gems and jewellery sectors will be particularly affected, while pharmaceuticals, smartphones and steel sectors will have a negligible impact due to strong domestic demand and tariff exemptions.

The report explained that capital goods, chemicals, automobiles, food and beverage exports may face challenges from the tariff hike. This hike will be implemented from August 27 in response to New Delhi’s oil trade with Moscow, which will affect 50-60 percent of total exports from India to the US.

However, analysts believe that the overall economic impact of the tariff hike will be limited due to India’s huge domestic market. Morgan Stanley in its report has described India as “the best-placed country in Asia” because the country’s merchandise exports and GDP ratio is relatively low. According to Fitch’s estimate, India’s economic growth rate is likely to be 6.5 percent in FY 2026.

External Affairs Minister S. Jaishankar recently clarified that India is not the largest importer of Russian oil – that position is held by China. He also mentioned that India is steadily increasing its crude oil purchases from the US, while the EU remains the largest buyer of Russian LNG. He also pointed out that the biggest increase in trade with Russia after 2022 is seen in other southern countries.
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