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Mint
17 minutes ago
- Mint
3,00,000 jobs at risk? Experts say THESE sectors likely to get impacted due to Trump tariffs on India
There are concerns among experts that increased tariffs announced by President Donald Trump on Indian imports into the United States, will have a negative impact on jobs in the affected sectors, PTI reported. According RP Yadav, founder and CMD of workforce solutions and HR services provider Genius HRTech, the hiked US tariffs are expected to significantly impact India's employment landscape in industries heavily dependent on the US market for growth and continuity. Sectors such as agriculture, auto components, gems and jewellery, and textiles are likely to be among the worst impacted, as per Yadav. He added that even within these sectors, it is the micro, small and medium enterprises (MSMEs) who will bear the brunt. Yadav estimates that between 2,00,000 to 3,00,000 jobs are at immediate risk. Further, the labour-intensive textiles industry alone could potentially lose 1,00,000 jobs, if the tariff regime continues beyond the next six months, he added. He added that in the gem and jewellery sector, including units in Surat and SEEPZ in Mumbai, 'thousands of jobs are at risk due to reduced demand and cost escalation in the US market', he added. However, not all agree. Balasubramanian Anantha Narayanan, Senior VP at TeamLease Services, feels that unlike China, India is largely a domestic consumption driven economy. Thus, any impact from the US tariffs would not impact jobs. 'At this point in time, we aren't seeing any signs of a slowdown or loss of jobs. This also by extension means that our jobs are largely in service of domestic demand too, with the exception of some sectors like ITeS among others,' Narayanan said. He added, 'Our exports to the USA are $87 billion, which is roughly about 2.2 per cent of our overall GDP. Largely pharma, electronics etc. won't be affected for now, which will further limit the export exposure to industries such as textiles, gems and jewellery among others.' Further, Narayanan noted that the full 50 per cent tariff hike comes into effect later this month on August 27, and it is possible that some negotiations could happen before that. He added that positives from the recently announced free trade agreement (FTA) with the UK and other countries, could possibly make way for the redirection of Indian goods, rather than a complete shut down of the exports. 'Even if these US tariffs do come about, we'll definitely figure out a way of redirecting or diversifying our trade to other markets. Therefore, at this point in time, we aren't seeing any signs of a slowdown or loss of jobs. It's an evolving situation and we'll get to know more in due course of time,' he feels. Aditya Mishra, MD and CEO of CIEL HR also feels that while the US tariff scenario is unsettling for Indian exporters, especially those in the auto components, electronics, engineering goods, footwear, gems and jewellery, leather, shrimp, and textiles, widespread layoffs appear unlikely at this stage. 'Companies are already in cost-containment mode, reducing discretionary spending, streamlining production, and freezing hiring. The immediate pressure will be on temporary and contract roles, particularly shop-floor workers, artisans, sales and logistics staff, and some mid-level managers in export-led units. This will have a cascading effect on thousands of MSMEs in the supply chain, which collectively account for a large share of employment,' Mishra felt.
Deccan Herald
17 minutes ago
- Deccan Herald
Pakistani Minister repeats claim without evidence on downing Indian jets
India's Chief of Defence Staff Gen Anil Chauhan, speaking in Singapore on May 31, had flatly rejected as "absolutely incorrect" Pakistan's claim of bringing down six Indian jets.
NDTV
31 minutes ago
- NDTV
India-Maldives Bilateral Trade Jumps 3-Fold In Last 7 Years
New Delhi: Bilateral trade between India and the Maldives has registered a more than 3-fold jump over the past seven years from $223 million in 2017–18 to $680 million in 2024–25, according to official figures. India's exports to the Maldives rose from $217 million in FY 2017-18 to $561 million in FY 2024-25, while imports from the Maldives expanded from $6 million to $119 million during the same period. The trade between the two countries is expected to increase further with Prime Minister Narendra Modi announcing a Rs 4,850 crore line of credit to the Maldives during his recent visit to the island nation last month. Additionally, PM Modi announced that discussions for a free trade agreement have also started between the two countries. India has decided to promote renewable energy in the Maldives and will share its experience in this sector with the Indian Ocean neighbour. PM Modi visited the Maldives at the invitation of President Mohamed Muizzu and attended the country's 60th Independence Day celebrations as the Guest of Honour. This also represented a turnaround in relations with the Muizzu government, which came to power in 2023. The turnaround in the bilateral ties assumes significance as President Muizzu, known to be close to China, was known for his anti-India rhetoric while in the opposition as part of his political strategy to oust the earlier government. The Maldives is one of India's key maritime neighbours in the Indian Ocean Region, and the overall bilateral ties, including in areas of defence and security, witnessed an upward trajectory under the previous governments in Male. This sentiment is embedded in India's Neighbourhood First policy and the MAHASAGAR vision, which recognises that the security and prosperity of the region are inseparable. India's approach is grounded in the belief that small island nations are not peripheral actors in global affairs but are frontline states in the fight against climate change, guardians of critical sea lanes, and partners in maritime security. The Maldives, straddling vital shipping routes, occupies a central place in India's Indian Ocean strategy.
