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India.com
an hour ago
- Business
- India.com
Massive layoffs: 3 lakh people to lose jobs in India due to Trump tariffs? Experts warn jobs at risk in Textiles, Gems and…
Company- Representative image The sharp US tariffs on Indian exports have split expert opinion while some warn of an imminent jobs crisis, others argue that strong domestic demand and diversified trade ties could soften the blow. 'The recent imposition of additional US tariffs is expected to have a direct and substantial impact on India's employment landscape. This will especially impact those industries relying heavily on the US market for business continuity and growth,' workforce solutions and HR services provider Genius HRTech founder, chairman and managing director R P Yadav told PTI. Trump Tariffs: 2 To 3 Lakhs Jobs At Risk? Sectors like textiles, auto components, agriculture, and gems and jewellery are the most vulnerable, with MSMEs bearing the brunt, said Yadav. He estimates that 2,00,000 to 3,00,000 jobs are at immediate risk, with textiles alone, which is labour-intensive, potentially losing 1,00,000 jobs, if the tariff regime continues beyond the next six months. 'Similarly, 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, TeamLease Services Senior Vice President Balasubramanian Anantha Narayanan does not see the possibility of job losses, saying India is largely a domestic consumption-driven economy, unlike China. Trump Tariffs Risks Jobs At Pharma, Electronics, Textiles, Gems And Jewellery? '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. Our exports to the USA are USD 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,' he said. Moreover, these tariffs come into effect later this month, and some negotiations are likely to happen before that, he added. The slowdown in jobs growth is much more due to the overall slowdown in global demand and consumption, uncertainty around tariffs, and geopolitical conflicts in various parts of the globe, he added. Meanwhile, CIEL HR MD and CEO Aditya Mishra said the US tariff scenario is unsettling for Indian exporters, especially in sectors that are heavily dependent on the American market, such as electronics, textiles, gems and jewellery, auto components, leather, footwear, shrimp, and engineering goods. 'Even industries outside the direct tariff ambit, like pharmaceuticals, are feeling the ripple effect through costlier upstream chemicals and materials,' he noted. 'While widespread layoffs appear unlikely at this stage, companies are already in cost-containment mode, reducing discretionary spending, streamlining production, and freezing hiring.,' he added. (With Inputs From PTI)
Mint
17 hours ago
- Business
- 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.
Time of India
20 hours ago
- Business
- Time of India
US tariffs impact on jobs: Nearly 3 lakh workers at risk in textiles and gems; Here's what experts say
The steep tariffs imposed on Indian exports to the US have triggered sharp debate among staffing specialists, with some flagging the risk of immediate job losses and others suggesting that India's domestic demand and trade diversification could soften the blow. 'The recent imposition of additional US tariffs is expected to have a direct and substantial impact on India's employment landscape. This will especially impact those industries relying heavily on the US market for business continuity and growth,' Genius HRTech founder, chairman and managing director R P Yadav told PTI. Yadav identified textiles, auto components, agriculture, and gems and jewellery as the most vulnerable sectors, warning that micro, small and medium enterprises (MSMEs) will absorb the heaviest shock. He estimated that 2,00,000 to 3,00,000 jobs are at immediate risk, with textiles alone—being labour-intensive—potentially losing as many as 1,00,000 positions if the tariff regime remains in force for over six months. He further cautioned that gems and jewellery hubs in Surat and SEEPZ, Mumbai, could also face widespread job losses due to shrinking demand and rising costs in the US market. However, not all experts foresee an employment crisis. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Could This NEW Collagen Blend Finally Reduce Your Cellulite? Vitauthority Learn More Undo TeamLease Services Senior Vice President Balasubramanian Anantha Narayanan argued that India's reliance on domestic consumption makes its job market less vulnerable than China's. '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. Our exports to the USA are USD 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,' he said, quoted PTI. He also noted that the tariffs are yet to take effect, leaving space for possible negotiations. 'On the other side, we've also had several positives by way of the recently closed FTA with the UK and other countries. 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,' Narayanan said. According to him, the broader drag on employment stems from global consumption slowdown, tariff uncertainties, and ongoing geopolitical conflicts. CIEL HR MD and CEO Aditya Mishra said the tariff scenario is unsettling exporters in sectors deeply tied to the American market—including electronics, textiles, gems and jewellery, auto components, leather, footwear, shrimp and engineering goods. 'Even industries outside the direct tariff ambit, like pharmaceuticals, are feeling the ripple effect through costlier upstream chemicals and materials,' Mishra said. He added that uncertainty could persist through the third quarter of this financial year as negotiations unfold. While Mishra does not expect widespread layoffs, he noted that companies are already adopting cost-control measures—cutting discretionary spends, streamlining production, freezing hiring, and putting pressure on temporary and contractual roles. '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,' he warned. Mishra also pointed to potential spillover risks for IT and global capability centres (GCCs). 'The IT sector is already experiencing slow spending and hiring, and this additional uncertainty could delay its recovery further. GCCs are likely to take a cautious approach to hiring and investments until there is greater clarity on trade negotiations and market stability. If the tariff situation persists, India's market share in the US could shrink, leading to longer-term repercussions for exporters and the industries that depend on them,' he said. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
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Business Standard
a day ago
- Business
- Business Standard
Experts split on impact of new US tariffs on India's jobs, exports
The steep tariff imposed on Indian exports to the US has evoked concerns among staffing experts with some of them warning of an immediate jobs crisis while others believe India's domestic demand and trade diversification will help cushion the impact. "The recent imposition of additional US tariffs is expected to have a direct and substantial impact on India's employment landscape. This will especially impact those industries relying heavily on the US market for business continuity and growth," workforce solutions and HR services provider Genius HRTech founder, chairman and managing director R P Yadav told PTI. Sectors like textiles, auto components, agriculture, and gems and jewellery are the most vulnerable, with MSMEs bearing the brunt, said Yadav. He estimates that 2,00,000 to 3,00,000 jobs are at immediate risk, with textiles alone, which is labour-intensive, potentially losing 1,00,000 jobs, if the tariff regime continues beyond the next six months. "Similarly, 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, TeamLease Services Senior Vice President Balasubramanian Anantha Narayanan does not see the possibility of job losses, saying India is largely a domestic consumption-driven economy, unlike China. "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. Our exports to the USA are USD 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," he said. Moreover, these tariffs come into effect later this month, and some negotiations are likely to happen before that, he added. "On the other side, we've also had several positives by way of the recently closed FTA with the UK and other countries. 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 said. The slowdown in jobs growth is much more due to the overall slowdown in global demand and consumption, uncertainty around tariffs, and geopolitical conflicts in various parts of the globe, he added. Meanwhile, CIEL HR MD and CEO Aditya Mishra said the US tariff scenario is unsettling for Indian exporters, especially in sectors that are heavily dependent on the American market, such as electronics, textiles, gems and jewellery, auto components, leather, footwear, shrimp, and engineering goods. "Even industries outside the direct tariff ambit, like pharmaceuticals, are feeling the ripple effect through costlier upstream chemicals and materials," he noted. However, as negotiations are expected, this phase of uncertainty may persist through the third quarter of this financial year, said Mishra. "While 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," he added. This situation might also indirectly affect sectors like IT and GCCs, he said, adding that the IT sector is already experiencing slow spending and hiring, and this additional uncertainty could delay its recovery further. "GCCs (global capability centres) are likely to take a cautious approach to hiring and investments until there is greater clarity on trade negotiations and market stability. If the tariff situation persists, India's market share in the US could shrink, leading to longer-term repercussions for exporters and the industries that depend on them," he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
a day ago
- Business
- Economic Times
Experts have mixed opinions about impact of US tariffs on job market
Synopsis US tariffs on Indian exports spark job concerns. Experts warn of potential job losses in textiles, gems, and other sectors. Some believe India's domestic demand and trade diversification will cushion the blow. Negotiations are expected, and India may redirect trade. Uncertainty may persist, leading to cost containment and hiring freezes. IT and GCC sectors might also face indirect effects. Agencies Representational Mumbai: The steep tariff imposed on Indian exports to the US has evoked concerns among staffing experts with some of them warning of an immediate jobs crisis while others believe India's domestic demand and trade diversification will help cushion the impact. "The recent imposition of additional US tariffs is expected to have a direct and substantial impact on India's employment landscape. This will especially impact those industries relying heavily on the US market for business continuity and growth," workforce solutions and HR services provider Genius HRTech founder, chairman and managing director R P Yadav told PTI. Sectors like textiles, auto components, agriculture, and gems and jewellery are the most vulnerable, with MSMEs bearing the brunt, said Yadav. He estimates that 2,00,000 to 3,00,000 jobs are at immediate risk, with textiles alone, which is labour-intensive, potentially losing 1,00,000 jobs, if the tariff regime continues beyond the next six months. "Similarly, 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, TeamLease Services Senior Vice President Balasubramanian Anantha Narayanan does not see the possibility of job losses, saying India is largely a domestic consumption-driven economy, unlike China. "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. Our exports to the USA are USD 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," he said. Moreover, these tariffs come into effect later this month, and some negotiations are likely to happen before that, he added. "On the other side, we've also had several positives by way of the recently closed FTA with the UK and other countries. 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 said. The slowdown in jobs growth is much more due to the overall slowdown in global demand and consumption, uncertainty around tariffs, and geopolitical conflicts in various parts of the globe, he added. Meanwhile, CIEL HR MD and CEO Aditya Mishra said the US tariff scenario is unsettling for Indian exporters, especially in sectors that are heavily dependent on the American market, such as electronics, textiles, gems and jewellery, auto components, leather, footwear, shrimp, and engineering goods. "Even industries outside the direct tariff ambit, like pharmaceuticals, are feeling the ripple effect through costlier upstream chemicals and materials," he noted. However, as negotiations are expected, this phase of uncertainty may persist through the third quarter of this financial year, said Mishra. "While 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," he added. This situation might also indirectly affect sectors like IT and GCCs, he said, adding that the IT sector is already experiencing slow spending and hiring, and this additional uncertainty could delay its recovery further. "GCCs (global capability centres) are likely to take a cautious approach to hiring and investments until there is greater clarity on trade negotiations and market stability. If the tariff situation persists, India's market share in the US could shrink, leading to longer-term repercussions for exporters and the industries that depend on them," he added.
