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Economic Times
a day ago
- Business
- Economic Times
India Inc rallies behind roaring brand India as US tariff spat escalates
Synopsis Top Indian business leaders have come out in strong support of Brand India following US President Donald Trump's decision to double tariffs on Indian goods to 50%. Leaders including Varun Berry (Britannia), Harsh Goenka (RPG), Anand Mahindra (Mahindra Group), Deepinder Goyal (Eternal/Zomato), and Nadir Godrej (Godrej Industries) stressed the need to strengthen Indian brands, improve ease of doing business, and invest in infrastructure and tourism. AP Top corporate honchos of India strongly rallied behind Brand India calling for supporting Indian brands and improving ease of doing business, tourism and infrastructure, days after a series of statements by US President Donald Trump on the Indian economy and doubling of US tariffs on India to 50%. Britannia Industries managing director Varun Berry, industrialist Harsh Goenka, Mahindra Group chairman Anand Mahindra, Eternal (Zomato) founder Deepinder Goyal and Nadir Godrej, chairperson, Godrej Industries group, are among the chiefs who have either posted their views on social media platforms such as LinkedIn or X, or said so in statements. "A time to rethink how Brand India revamps its plans to surge forward. No reason why India can't shine brighter than any other economy in the world," Berry, also chief executive of Britannia, wrote on LinkedIn on Thursday. ALSO READ: Trump tariffs cast a pall of gloom over India's exports, investments and Rupee "Serious infrastructure build with world class cities, ease of doing business at a much elevated level with a revamp on land and labour laws, attractive tourist centres to get the world to experience the richness of Indian history and culture, safety and security, serious focus on customer service, and support India-made brands to gain serious heft," he added. Trump imposed an additional 25% tariff on Indian goods over India's purchase of Russian oil the White House announced on Wednesday. The announcement came hours after talks between the Washington and Moscow over the war in Ukraine ended in an impasse."You can tariff our exports, but not our sovereignty. Raise your tariffs- we'll raise our resolve, find better alternatives, and build self-reliance. India bows to none" Harsh Goenka, chairman, RPG Enterprises, posted on X. The government and India Inc are of the view that India has become a key target in the US' pressure to control the Russia Ukraine war. "Every few years, the world reminds us of our place. A threat here, a tariff there. But the message is the same: stay in your lane, India," wrote Eternal's founder Deepinder Goyal on X. "Global powers will always bully us, unless we take our destiny in our own hands. And the only way to do that is if we collectively decide to become the world's largest most unapologetic superpower in the world. In economy, in technology, in defence, and most importantly, in ambition. There is absolutely no other way," he New Delhi called the tariffs "unfair" and "unjustified". The new rate will come into effect within 21 days."We cannot fault others for putting their nations first. But we should be moved to make our own nation greater than ever. India must go beyond incremental reform and create a genuinely effective single-window clearance system for all investment proposals," Mahindra Group chairman Anand Mahindra posted on X."The shift in the locus of global supply chains, fuelled by geopolitical realignment and evolving tariff structures, has placed brand India at a unique inflection point. Strong local demand, a young and skilled workforce, and vibrant ecosystem has positioned India as a preferred global partner," Nadir Godrej, chairperson, Godrej Industries group, told ET.
Time of India
a day ago
- Business
- Time of India
India Inc rallies behind roaring brand India as US tariff spat escalates
Top corporate honchos of India strongly rallied behind Brand India calling for supporting Indian brands and improving ease of doing business, tourism and infrastructure, days after a series of statements by US President Donald Trump on the Indian economy and doubling of US tariffs on India to 50%. Britannia Industries managing director Varun Berry, industrialist Harsh Goenka, Mahindra Group chairman Anand Mahindra, Eternal (Zomato) founder Deepinder Goyal and Nadir Godrej, chairperson, Godrej Industries group, are among the chiefs who have either posted their views on social media platforms such as LinkedIn or X, or said so in statements. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program "A time to rethink how Brand India revamps its plans to surge forward. No reason why India can't shine brighter than any other economy in the world," Berry, also chief executive of Britannia, wrote on LinkedIn on Thursday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 10 Most Beautiful Women In The World. OMGIFacts Undo ALSO READ: Trump tariffs cast a pall of gloom over India's exports, investments and Rupee ET Bureau "Serious infrastructure build with world class cities, ease of doing business at a much elevated level with a revamp on land and labour laws, attractive tourist centres to get the world to experience the richness of Indian history and culture, safety and security, serious focus on customer service, and support India-made brands to gain serious heft," he added. Live Events Trump imposed an additional 25% tariff on Indian goods over India's purchase of Russian oil the White House announced on Wednesday. The announcement came hours after talks between the Washington and Moscow over the war in Ukraine ended in an impasse. "You can tariff our exports, but not our sovereignty. Raise your tariffs- we'll raise our resolve, find better alternatives, and build self-reliance. India bows to none" Harsh Goenka, chairman, RPG Enterprises, posted on X. ET Bureau The government and India Inc are of the view that India has become a key target in the US' pressure to control the Russia Ukraine war. "Every few years, the world reminds us of our place. A threat here, a tariff there. But the message is the same: stay in your lane, India," wrote Eternal's founder Deepinder Goyal on X. "Global powers will always bully us, unless we take our destiny in our own hands. And the only way to do that is if we collectively decide to become the world's largest most unapologetic superpower in the world. In economy, in technology, in defence, and most importantly, in ambition. There is absolutely no other way," he added. ET Bureau Meanwhile, New Delhi called the tariffs "unfair" and "unjustified". The new rate will come into effect within 21 days. "We cannot fault others for putting their nations first. But we should be moved to make our own nation greater than ever. India must go beyond incremental reform and create a genuinely effective single-window clearance system for all investment proposals," Mahindra Group chairman Anand Mahindra posted on X. "The shift in the locus of global supply chains, fuelled by geopolitical realignment and evolving tariff structures, has placed brand India at a unique inflection point. Strong local demand, a young and skilled workforce, and vibrant ecosystem has positioned India as a preferred global partner," Nadir Godrej, chairperson, Godrej Industries group, told ET.
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Business Standard
2 days ago
- Business
- Business Standard
Trump tariff hike to 50% on Indian goods sparks calls for self-reliance
US President Donald Trump's executive order imposing an additional 25 per cent tariff on Indian goods—bringing the effective rate to 50 per cent on key exports—has prompted Indian entrepreneurs and startup leaders to call for greater economic independence and reduced reliance on US markets. The tariff escalation, which doubles existing trade barriers, threatens to disrupt India's $80 billion annual exports to the United States and could particularly impact the country's burgeoning technology and e-commerce sectors. Analysts warn that Indian startups with significant US exposure may face immediate headwinds, while companies dependent on American components or customers could see margins compressed. The move has galvanised prominent Indian business leaders to advocate for a more self-reliant economic strategy. Zomato Chief Executive Deepinder Goyal said the tariffs represent a broader pattern of global powers attempting to constrain India's growth ambitions. 'Global powers will always bully us, unless we take our destiny in our own hands,' Goyal wrote in a LinkedIn post, calling for India to "become the world's largest, most unapologetic superpower" in economy and technology. Ronnie Screwvala, founder of education technology company upGrad, characterised the US as a 'fair-weather country' and urged Indian entrepreneurs to view the trade tensions as an opportunity to strengthen domestic markets and reduce foreign dependence. He called for unleashing entrepreneurship to build India's consumption story, particularly by targeting the country's 600 million rural population. The tariff increase comes as India's startup ecosystem has grown increasingly integrated with global supply chains and US investment flows, raising questions about how quickly companies can pivot toward domestic and alternative international markets. Indian exporters are possibly set to face a setback from the US's latest tariff hikes, which will be implemented in two phases—an additional 25 per cent from 8 August and increased to 50 per cent by 27 August, according to consulting firm EY. 'These sharp increases in import duties are expected to affect not only traditional sectors but also India's growing startup ecosystem, with startups in skincare, wellness, personal care and FMCG among those particularly impacted,' said Vimal Pruthi, partner, international trade, EY India. Pruthi said Indian textiles may lose price competitiveness, as Bangladesh and Vietnam face only 20 per cent tariffs—far lower than India's revised 59 per cent. Similarly, Indian marine exports risk losing US market share with tariffs rising to 58.26 per cent, while countries like Ecuador face just 15 per cent. A jump to 52 per cent duty on gems and jewellery could shift US sourcing to China and the UAE, which face much lower tariffs. He added that the recent tariffs pose challenges for Indian electronics and IT hardware exports by potentially increasing costs and affecting competitiveness. While IT services aren't directly impacted, Pruthi said the measures may discourage foreign investment in Indian tech manufacturing. 'The long-term effects will largely depend on trade negotiations and India's success in diversifying its export markets,' he said. Jaideep Kewalramani, head of the employability business and chief operating officer at TeamLease EdTech, said the new tariffs threaten to erode profit margins and competitiveness for startups in technology, food and beverage, textiles and jewellery. 'With this change, margin absorption becomes an impossibility, and the bulk of the load will move to the consumer, pushing them toward alternate providers,' said Kewalramani. 'Most players will lose out right out of the gate when marketplace algorithms downgrade their products due to pricing. Someone who was selling, let's say, tea at $9.99, will fall off the grid.' He said startups can find alternate markets, but the next few days will require significant adjustment. 'The worry is that cash-strapped startups should not go under before they can pivot. The entire ecosystem—venture capitalists, bankers, advisors, supply chain providers, platforms et al—must come together to ensure startups can weather this storm,' Kewalramani added. Vijay Kumar, CEO of the Express Industry Council of India, said once the tariffs kick in, sectors like garments, auto components, leather and handicrafts—served by the express industry—could be impacted. 'There is no doubt that the impact would be substantial if and when the additional 25 per cent becomes effective,' Kumar said. India has been focused on the China+1 strategy for the past two to three years, with several startups engaging in contract manufacturing across sectors to serve export markets. Several marketplaces have also emerged targeting this corridor. 'Some of these will need to recalibrate their business models to align with the new world view—more focus on domestic consumption, more streamlined supply chains, and diversification of target markets to navigate the recent turbulence,' said Pearl Agarwal, founder and managing partner at Eximius Ventures. However, she added that enterprise SaaS and tech companies remain relatively insulated. 'As a VC, we are diligently watching the foreign exchange rate as well, given that the capital supply for this sector has historically been global.'
News18
2 days ago
- Business
- News18
‘Stay In Your Lane, India': Zomato CEO Slams US Tariffs, Calls For Bold Response
Last Updated: Zomato CEO Goyal urged India to become an "unapologetic superpower" after the US imposed a 25% tariff hike on Indian imports, citing India's Russian oil and military purchases. Zomato CEO Deepinder Goyal responded to the US's abrupt tariff hike on Indian imports by urging India to assert itself as an 'unapologetic superpower" amid mounting global pressure. In a post on X, Goyal said, 'Every few years, the world reminds us of our place. A threat here, a tariff there. But the message is the same: stay in your lane, India." 'Global powers will always bully us, unless we take our destiny into our own hands. And the only way to do that is if we collectively decide to become the world's largest, most unapologetic superpower in the world. In the economy, in technology, in defence, and most importantly, in ambition. There is absolutely no other way." Every few years, the world reminds us of our place. A threat here, a tariff there. But the message is the same: stay in your lane, powers will always bully us, unless we take our destiny in our own hands. And the only way to do that is if we collectively decide to… — Deepinder Goyal (@deepigoyal) August 7, 2025 This followed just hours after US President Donald Trump signed an executive order late Wednesday, imposing an additional 25% tariff on Indian goods, raising the total import duty to 50%. The White House cited India's ongoing purchases of Russian oil and military hardware as the rationale for the move. According to the order, the first 25% tariff took effect this morning, August 7. The second levy will be implemented after 21 days, on August 27. Former NITI Aayog CEO and India's G20 Sherpa Amitabh Kant said, 'Trump has provided us a once-in-a-generation opportunity to take the next big leap on reforms. Crisis must be fully utilised." view comments First Published: 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.
NDTV
2 days ago
- Business
- NDTV
"Stay In Your Lane, India": Zomato CEO Deepinder Goyal's Solution To 50% Trump Tariffs
New Delhi: Zomato CEO Deepinder Goyal has hit back at US' sudden tariff hike on Indian imports, calling on India to rise as an "unapologetic superpower" in the face of global pressure. "Every few years, the world reminds us of our place. A threat here, a tariff there. But the message is the same: stay in your lane, India," Mr Goyal wrote on X. "Global powers will always bully us, unless we take our destiny in our own hands. And the only way to do that is if we collectively decide to become the world's largest most unapologetic superpower in the world. In economy, in technology, in defense, and most importantly, in ambition. There is absolutely no other way." Every few years, the world reminds us of our place. A threat here, a tariff there. But the message is the same: stay in your lane, India. Global powers will always bully us, unless we take our destiny in our own hands. And the only way to do that is if we collectively decide to… — Deepinder Goyal (@deepigoyal) August 7, 2025 This came hours after US President Donald Trump signed an executive order late Wednesday, slapping an additional 25% tariff on Indian goods, taking the total import duty to 50%. The White House cited India's continued purchases of Russian oil and military equipment as the reason behind the decision. According to the order, the first 25% tariff took effect this morning, August 7. The second levy will be implemented after a 21-day period, on August 27. Former NITI Aayog CEO and India's G20 Sherpa Amitabh Kant said, "Trump has provided us a once in a generation opportunity to take the next big leap on reforms. Crisis must be fully utilised." The tariff hike is expected to drive up the cost of Indian goods in the US market across a wide range of sectors, making them significantly less competitive. Affected categories include- Shrimps, organic chemicals, textiles, carpets, and apparel. Gems and jewellery, steel, aluminium, and copper. Machinery, mechanical appliances, furniture, and bedding. Vehicles will be subjected to a 26% tariff, while petroleum products will face a 6.9% duty.
