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Time of India
3 days ago
- Business
- Time of India
India-US tariff tussle: CTI suggests exploring alternative markets; 'traders are in a dilemma'
Representative image The Chamber of Trade and Industry (CTI) has voiced concerns over the US's latest decision to impose an additional 25% tariff on Indian goods, taking the total duty to 50%. The body warned of serious consequences for India's export driven businesses. CTI chairman Brijesh Goyal wrote to PM Narendra Modi, calling for immediate and strategic action, including imposing retaliatory tariffs on US imports to India. In his letter, Goyal pointed out that US President Donald Trump's sudden decision to double the rate to 50% from August 27 has unsettled Indian exporters and manufacturers, many of whom have already dispatched shipments or have confirmed orders in progress. "Traders are in a dilemma. What will happen to the goods already shipped or those about to reach the US?" said Goyal. Highlighting the scale of trade at stake, he noted that India exported Rs 1.7 lakh crore worth of engineering goods, including steel products, machinery, and automobile parts, to the US in 2024. These are currently taxed at 10%. With the new tariff regime, that rate would rise to 25%, pushing up prices and making Indian goods less competitive in the American market, ANI reported. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Average Cost To Rent A Private Jet May Surprise You (View Prices) Private Jet I Search Ads Learn More Undo "For example, a $100 item which currently sells for $110 after tariff, will now cost $125. This could reduce export volumes by 10-15%," Goyal said. He warned that similar effects could ripple through other key sectors. The gems and jewellery industry, which exported goods worth Rs 90,000 crore last year and also faces a 10% tariff, is expected to suffer. The textile sector, too, would be hit hard, with tariffs rising from 10% to 25%. Meanwhile, the electronics sector, which exported Rs 1.25 lakh crore worth of goods with just a 0.41% duty, would face a steep rise in costs under the new rules. Electronics, particularly smartphones, could be among the worst affected. "A $100 smartphone currently lands in the US at $100.41. With a 25% tariff, it will now cost $125 -- a massive setback for the sector," Goyal noted. The pharmaceutical industry also faces a major blow. India exported Rs 92,000 crore worth of medicines to the US in 2024 with zero import duty. A 25% tariff, Goyal warned, would not only make Indian drugs more expensive but open the door for competitors like Vietnam to grab market share. "This isn't just about business losses; it's about jobs. Thousands of Indian companies export to the US -- millions of jobs are at stake," Goyal was quoted as saying by ANI. In light of the developments, CTI has urged the government to adopt a firm stance. Goyal has recommended exploring alternative export destinations such as Germany, the UK, Singapore, and Malaysia, where demand for Indian engineering products is growing. He also called for a concerted effort to reduce India's dependence on US imports. India currently imports a range of goods from the US, including minerals, precious stones, jewellery, coins, metals, nuclear reactors and parts, electrical and optical equipment, plastics, chemicals, nuts, dry fruits, iron, and steel. "India must explore other global suppliers and reduce its reliance on American goods," Goyal said. Stay informed with the latest business news, updates on bank holidays and public holidays .
Economic Times
02-08-2025
- Business
- Economic Times
CTI urges Delhi govt to host shopping festivals on lines of Dubai, China
Synopsis The Chamber of Trade and Industry has requested the Delhi government to organize large shopping festivals and business fairs, similar to those in Dubai and China, to stimulate trade and tourism. CTI Chairman Brijesh Goyal emphasized that these festivals would boost local trade, create jobs, and generate revenue. Minister Kapil Mishra welcomed the idea and requested a detailed proposal. TIL Creatives Representational AI Image. The Chamber of Trade and Industry (CTI) has urged the Delhi government to organise large-scale shopping festivals and business fairs similar to those held in Dubai and China to boost trade and tourism in the national capital. In a meeting with Tourism and Culture Minister Kapil Mishra at the Delhi Secretariat, CTI suggested that after the success of the Teej festival, similar events could be held around Diwali and other major festivals, according to a statement. The Chamber also proposed that fairs focusing on automobiles, footwear, furniture, home furnishings and food could be organised across the city, it stated. CTI Chairman Brijesh Goyal said these festivals would not only promote local trade but also create employment and generate revenue for the government. He added that shopping festivals could be held under the banner of popular markets such as Chandni Chowk, with participation from local traders. The minister welcomed the idea and asked CTI to submit a detailed proposal and roadmap outlining which festival could feature which type of fair. Goyal pointed out that such events offer opportunities to small-scale sellers and entrepreneurs who do not have shops or cannot afford high-rent showrooms. These vendors can be provided stalls at subsidised rates to showcase and sell their products. The minister also distributed certificates to social media influencers who promoted the Teej festival, it added.
News18
02-08-2025
- Business
- News18
CTI urges Delhi govt to host shopping festivals on lines of Dubai, China
Agency: Last Updated: August 02, 2025, 18:00 IST Representational image (Image: News18) New Delhi, Aug 2 (PTI) The Chamber of Trade and Industry (CTI) has urged the Delhi government to organise large-scale shopping festivals and business fairs similar to those held in Dubai and China to boost trade and tourism in the national capital. In a meeting with Tourism and Culture Minister Kapil Mishra at the Delhi Secretariat, CTI suggested that after the success of the Teej festival, similar events could be held around Diwali and other major festivals, according to a statement. The Chamber also proposed that fairs focusing on automobiles, footwear, furniture, home furnishings and food could be organised across the city, it stated. CTI Chairman Brijesh Goyal said these festivals would not only promote local trade but also create employment and generate revenue for the government. He added that shopping festivals could be held under the banner of popular markets such as Chandni Chowk, with participation from local traders. The minister welcomed the idea and asked CTI to submit a detailed proposal and roadmap outlining which festival could feature which type of fair. Goyal pointed out that such events offer opportunities to small-scale sellers and entrepreneurs who do not have shops or cannot afford high-rent showrooms. Swipe Left For Next Video View all These vendors can be provided stalls at subsidised rates to showcase and sell their products. The minister also distributed certificates to social media influencers who promoted the Teej festival, it added. PTI SHB ANU ANU (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments News agency-feeds CTI urges Delhi govt to host shopping festivals on lines of Dubai, China Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Read More
Time of India
02-08-2025
- Business
- Time of India
CTI urges Delhi govt to host shopping festivals on lines of Dubai, China
The Chamber of Trade and Industry (CTI) has urged the Delhi government to organise large-scale shopping festivals and business fairs similar to those held in Dubai and China to boost trade and tourism in the national capital. In a meeting with Tourism and Culture Minister Kapil Mishra at the Delhi Secretariat, CTI suggested that after the success of the Teej festival, similar events could be held around Diwali and other major festivals, according to a statement. Explore courses from Top Institutes in Please select course: Select a Course Category CXO Healthcare Design Thinking Digital Marketing Leadership Technology MCA Degree Project Management healthcare others Data Analytics Management Data Science Finance Others PGDM Operations Management Artificial Intelligence Public Policy MBA Data Science Cybersecurity Product Management Skills you'll gain: Customer-Centricity & Brand Strategy Product Marketing, Distribution, & Analytics Digital Strategies & Innovation Skills Leadership Insights & AI Integration Expertise Duration: 10 Months IIM Kozhikode IIMK Chief Marketing and Growth Officer Starts on Apr 7, 2024 Get Details Skills you'll gain: Technology Strategy & Innovation Emerging Technologies & Digital Transformation Leadership in Technology Management Cybersecurity & Risk Management Duration: 24 Weeks Indian School of Business ISB Chief Technology Officer Starts on Jun 28, 2024 Get Details Skills you'll gain: Operations Strategy for Business Excellence Organizational Transformation Corporate Communication & Crisis Management Capstone Project Presentation Duration: 11 Months IIM Lucknow Chief Operations Officer Programme Starts on Jun 30, 2024 Get Details Skills you'll gain: Digital Strategy Development Expertise Emerging Technologies & Digital Trends Data-driven Decision Making Leadership in the Digital Age Duration: 40 Weeks Indian School of Business ISB Chief Digital Officer Starts on Jun 30, 2024 Get Details The Chamber also proposed that fairs focusing on automobiles, footwear, furniture, home furnishings and food could be organised across the city, it stated. CTI Chairman Brijesh Goyal said these festivals would not only promote local trade but also create employment and generate revenue for the government. He added that shopping festivals could be held under the banner of popular markets such as Chandni Chowk, with participation from local traders. Live Events The minister welcomed the idea and asked CTI to submit a detailed proposal and roadmap outlining which festival could feature which type of fair. Goyal pointed out that such events offer opportunities to small-scale sellers and entrepreneurs who do not have shops or cannot afford high-rent showrooms. These vendors can be provided stalls at subsidised rates to showcase and sell their products. The minister also distributed certificates to social media influencers who promoted the Teej festival, it added.
Hans India
12-07-2025
- Business
- Hans India
GST complexities stir discontent among food industry operators
New Delhi: The food and hospitality sector is raising alarms over the complexity of the Goods and Services Tax (GST) regime, which traders say is riddled with inconsistencies that are hurting daily operations. In a bid to address these concerns, a delegation of restaurant owners, hotel operators, dhaba managers, and food traders met Delhi Chief Minister Rekha Gupta at the Delhi Secretariat on Friday. The meeting was organized under the leadership of Brijesh Goyal, chairman of the Chamber of Trade and Industry (CTI), a prominent organization representing traders across the meeting was attended by several key figures from the food industry, including Priyanka Saxena, Sanjay Singhania, Kishan Agarwal, Anand Gupta, Vinay Agarwal, Dhruv Agarwal, and Naveen Gupta. CTI chairman Brijesh Goyal said that food business operators are struggling to comply with varying GST slabs, which often lead to confusion in billing. "For example, dining in a restaurant attracts 5 percent GST. But if the customer orders ice cream afterward, that's taxed at 18 percent. Roti is taxed at 5 percent while paratha is taxed at 18 percent. If a guest orders one roti and two parathas, generating a correct bill becomes difficult," he explained. Goyal also pointed out that if a restaurant has an air conditioner registered under GST,even if it's not in use-then 18 percent GST is levied on all food items served there. The disparity extends to common food items too. Bread is tax-free, but a pizza base carries a 5 percent GST. Lassi served in a glass is exempt from tax, but if packaged, it is taxed at 5 percent. Other irregularities in GST rates have added to the confusion among food traders. Plain cashews are taxed at 5 percent, whereas flavored cashews attract 12 percent GST. Powdered chutney is levied at 5 percent, while the same chutney in liquid form is taxed at 12 percent. Similarly, open namkeen is charged 5 percent GST, but the moment it is packed, the rate jumps to 12 percent. These inconsistencies make billing unnecessarily complex and burdensome for traders. Virendra Jain, president of the Federation of Sweets and Namkeen Manufacturers, said that the current GST structure is making it increasingly difficult to run a business. 'Traders are struggling to avail input tax credit. After hearing the traders' concerns, Chief Minister Rekha Gupta assured the delegation that the issue would be raised in the upcoming GST Council meeting. She also directed Delhi's GST officials to prepare a detailed report outlining the problems faced by the food and hospitality sector.
