Latest news with #RanjeetMehta
Time of India
2 days ago
- Business
- Time of India
PHDCCI official decode Trump's tariff threat
Dr. Ranjeet Mehta, CEO & Secretary General of PHDCCI, expressed concern over the US imposing an additional 25% tariff on India but emphasized that the overall impact on the Indian economy is minimal. He said ' The US has imposed an additional 25% tariff on India. We are definitely concerned about it and quite disappointed. However, its impact on the overall Indian economy is very negligible. Today, PHDCCI has released a report in which the 25% tariff imposed earlier was analysed, and our export to the US in 2024-25 is about 88 billion dollars. So if we look at the impact of this tariff, we have analysed an impact of about 1.87%, which is about 8.11 billion dollars. But if we look at the impact of this 25% on the overall economy, it is 0.19 per cent. The additional 25% may have an impact of about 0.38 % on the overall economy... In the long term, our economy is definitely very resilient and robust for such external shocks and the leverage we have to do is to the demographic dividend and the Indian economy has the opportunity to diversify in many other economies of the world..." Show more Show less
Economic Times
2 days ago
- Business
- Economic Times
Tariff to have negligible impact; diversification remains key: PHDCCI
Synopsis Donald Trump's tariffs on Indian imports are projected to have a minimal effect on India's GDP, impacting only 1.87% of total merchandise exports. PHDCCI suggests that India should focus on diversifying bilateral trade agreements to mitigate geopolitical uncertainty and growing protectionism. This strategy will help navigate global trade challenges. AP A container ship (Image for representation) New Delhi: The 25% tariffs on Indian imports announced by Donald Trump, the US President, are likely to have a negligible impact on India's GDP, with PHDCCI suggesting diversification in bilateral trade agreements as a strategy for the country to navigate geopolitical uncertainty and growing tariffs are 'estimated to impact 1.87% of India's total global merchandise exports and a negligible 0.19% on India's GDP,' according to a study released by PHD Chamber of Commerce and Industry (PHDCCI) on the tariffs are expected to make some dent in India's exports, their impact remains manageable for India.'Our analysis shows the impact remains manageable at the macro level. This presents an opportunity for Indian businesses to accelerate market diversification and value addition strategies,' said Ranjeet Mehta, CEO & SG, top five Indian sectors in the US's export share in FY25 were engineering goods, electronic goods, pharmaceuticals, gems & jewellery and Ready-made garments. Speaking during media interaction, Sanat Kumar, Chief Economist at PHDCCI, said, 'diversification in bilateral trade agreements for India remains the key to tide over this uncertainty surrounding the global trade.'India should aim to execute as many bilateral trade agreements, keeping its national interest in mind, he added.
Hans India
01-08-2025
- Business
- Hans India
US tariffs work as opportunity for India's supply chain: Industry
New Delhi: The United States' decision to impose a 25 per cent tariff on India should be seen not just as a challenge, but also as a major opportunity for the country, industry leaders said on Thursday. Speaking on the development, Ranjeet Mehta, CEO and Secretary General of the PHD Chamber of Commerce and Industry (PHDCCI) said that the higher duty is not limited to India, but also targets other major exporting nations such as China, Vietnam, and Bangladesh, with China and Vietnam facing even steeper tariffs. He noted that the US is recalibrating its trade policy, leading to a shift in global supply chains. Mehta admitted that Indian MSMEs and industries may face short-term difficulties due to the tariff, but in the long run, it could help India strengthen its position as a trusted global partner.
NDTV
31-07-2025
- Business
- NDTV
US Tariffs Move Big Opportunity For India's Supply Chain: Industry Leaders
New Delhi: The United States' decision to impose a 25 per cent tariff on India should be seen not just as a challenge, but also as a major opportunity for the country, industry leaders said on Thursday. Speaking on the development, Ranjeet Mehta, CEO and Secretary General of the PHD Chamber of Commerce and Industry (PHDCCI) said that the higher duty is not limited to India but also targets other major exporting nations such as China, Vietnam, and Bangladesh, with China and Vietnam facing even steeper tariffs. He noted that the US is recalibrating its trade policy, leading to a shift in global supply chains. Mehta admitted that Indian MSMEs and industries may face short-term difficulties due to the tariff, but in the long run, it could help India strengthen its position as a trusted global partner. 'Many global manufacturers are looking to diversify their supply chains away from overdependence on a single geography, and India is emerging as the most reliable choice,' he said. He added that several companies are now exploring ways to establish their supply chain base in India. He also expressed optimism that India and the US are in talks and a bilateral trade agreement could be finalised within the next two to two-and-a-half months, which might address this issue and result in better trade terms for India. Commenting on the development, finance expert Ajay Rotti said that the US announcement is not yet a signed deal and negotiations are still open. He acknowledged that if implemented, sectors like textiles, pharmaceuticals, and jewellery could be affected, but stressed that national interest remains India's top priority. Rotti added that there is no reason for India to be overly concerned at this stage. 'For India national interest in utmost important and the government has responded accordingly. I don't think India should worry about much at this point,' Rotti added.
Qatar Tribune
21-07-2025
- Business
- Qatar Tribune
India-UK FTA to boost trade by €25.5 billion annually: UK official
ANI New Delhi Deputy Trade Commissioner for South Asia at the British High Commission, Anna Shotbolt has said that the India-UK Free Trade Agreement is projected to increase bilateral trade between the two countries by Euro 25.5 billion every year. She highlighted that under this FTA, there are provisions for tariff reductions on 90 per cent of traded goods between the two countries. 'However, it is not only about tariffs, which are indeed a crucial aspect that will benefit many industries. Creative companies will also benefit through stronger copyright protections, and the services sector will see gains as well. The Double Taxation Avoidance Convention will also help workers on both sides, creating more transparency and certainty,' she said at an event organised by industry body PHDCCI in the national captial. The India-UK Free Trade Agreement (FTA), signed and finalised on May 6 after nearly three years of negotiations, is one of the most comprehensive free trade agreements ever entered into by India. Ranjeet Mehta, CEO and Secretary General, PHDCCI, emphasised the importance of the social security clause that supports Indian professionals going to the UK and said that we must take advantage of this FTA. As PHDCCI celebrates 120 years of its legacy, we plan to mount a business delegation to the UK this September, as we are keen to explore the opportunities this agreement presents, added Mehta. 'India's vision of net zero by 2070 also requires businesses, especially MSMEs to be sustainable and technologically equipped. Whether in services or products, India should collaborate more with the UK, which presents a large market for Indian MSMEs,' he said. TS Vishwanath, Founder & Executive Chairman, VeK Policy Advisory & Resource Firm, said, 'FTA is not just about trade but about building bilateral expertise. 'We should seriously explore how both countries can invest in each other through a strong EODB environment. We must engage directly with industries to identify challenges and build robust relationships.' Prof Rakesh Mohan JoshI, Vice Chancellor, IIFT said that the retail market size in India is USD 1 trillion, while that of Britain is at around USD 386.3 billion presenting vast potential for both economies. He further added that the inclusion of the Double Taxation Avoidance Convention is also a commendable step. Kishore Jayaraman, OBE, Global Board Director & Chairman India, UK India Business Council, stated that this is beginning of a new era, the FTA enables both nations to leverage their capacities and capabilities. 'Beyond trade, we must also explore sectoral synergies, as India has the potential to significantly contribute to the economy of both nations,' he added. Ajay Aggarwal, President, Toy Association of India, pointed out major areas where Indian businesses can benefit in the UK market. Elaborating about the Toy industry which is growing rapidly and has shifted from being import-dependent to now producing around 80 per cent domestically, he emphasised that there is enormous scope for collaboration. For eg, skilled products such as leather toys, an area where the UK can benefit. India has an access to competitive products with better market offerings, and with tariff reductions, it will allow us to enhance our presence in UK, he said.
