Latest news with #RishikaSadam
Yahoo
14 hours ago
- Business
- Yahoo
Facing Trump tariffs, India's shrimp farmers consider switching to other businesses
By Rishika Sadam HYDERABAD, India/GUAYAQUIL, Ecuador (Reuters) -On India's southern coast, V. Srinivas thrived for two decades by farming shrimp, as the country became the top supplier of the delicacy to the United States. Now, Donald Trump's 50% tariff threat is forcing many to consider other ways of making money. Andhra Pradesh state sends the most shrimp from India to the U.S. and farmers there have spent millions of rupees (hundreds of thousands of U.S. dollars) over the years to cultivate high-quality shrimp in saline ponds. Now they are being hit hard as Indian exporters have slashed rates they offer farmers by almost 20% after the tariff shock, wiping out most of their profits. "I am contemplating if I should do fish farming," said the 46-year-old from Veeravasaram village who has already mortgaged his family property and has $45,800 in outstanding loans. "These prices will not help me get any profits and I will not be able to pay off my loan." The United States is the biggest market for India's shrimp farmers and exporters, with clients including U.S. supermarket chains such as Walmart and Kroger. Last year, total seafood exports from India globally stood at $7.4 billion, with shrimp accounting for 40%. But the industry is now in troubled waters with President Trump's 25% tariff on imports from India already in place - the highest among major economies, and another 25% levy to kick in from August 27 to penalize New Delhi for buying Russian oil. By comparison, Ecuador, India's main rival for shrimp exports to the U.S., faces a much lower 15% tariff, heightening its competitive edge. In Andhra, there are around 300,000 farmers engaged in shrimp farming, selling products to dozens of exporters who ship to America. Pawan Kumar, head of the Seafood Exporters Association of India, said orders from U.S. clients have been paused in recent weeks as buyers aren't willing to absorb the tariff, and neither can exporters, forcing the latter to cut prices they pay to farmers. Although India also sells shrimp to other countries such as China, Japan and the UK, and likely will look to expand sales there and diversify into new markets, "that's not going to happen overnight," Kumar said. The impact is yet another example of how Trump's tariff threats are causing business disruptions across the world, especially in India, given it faces one of the steepest levies that have soured its relations with Washington. In Andhra, six of 12 farmers Reuters interviewed said they were considering putting shrimp farming on hold and looking at fish farming, vegetable retailing or other local businesses to tide over the crisis. The other six are choosing to wait it out a bit. Each round of shrimp cultivation takes about 2 months or more. While prices being offered for their shrimp are being slashed, the farmers said they still face loan payments and high operating costs for electricity, raw material and feed, as well as high land rentals. "There's hardly a 20-25% profit for us on good days, and if that's getting eaten up, what else is left?," said Gopinath Duggineni, the chief of a local union in Ongole city, adding the farmers plan to seek financial support from the state government. Ecuador, meanwhile, is closely tracking tariffs on India to seize on business opportunities, but producers there will go slow on new investments amid uncertainty over whether India and the Trump administration could strike a tariff deal, said Jose Antonio Camposano, president of National Chamber of Aquaculture of Ecuador. "India's exports are highly concentrated in the United States ... just as China is for us. So that is where we could gain ground if India withdraws," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hindustan Times
20 hours ago
- Business
- Hindustan Times
Facing Trump tariffs, India's shrimp farmers consider switching to other businesses
* Facing Trump tariffs, India's shrimp farmers consider switching to other businesses India is biggest supplier of shrimp to US; 50% tariff hits hard * Shrimp orders to US halted after tariff threat, exporters say * Farmers in India look for other ways to make money * Ecuador sees potential to expand in US if India's exports fall By Rishika Sadam and Yury Garcia HYDERABAD, India/GUAYAQUIL, Ecuador Aug 19 - O n India's southern coast, V. Srinivas thrived for two decades by farming shrimp, as the country became the top supplier of the delicacy to the United States. Now, Donald Trump's 50% tariff threat is forcing many to consider other ways of making money. Andhra Pradesh state sends the most shrimp from India to the U.S. and farmers there have spent millions of rupees over the years to cultivate high-quality shrimp in saline ponds. Now they are being hit hard as Indian exporters have slashed rates they offer farmers by almost 20% after the tariff shock, wiping out most of their profits. "I am contemplating if I should do fish farming," said the 46-year-old from Veeravasaram village who has already mortgaged his family property and has $45,800 in outstanding loans. "These prices will not help me get any profits and I will not be able to pay off my loan." The United States is the biggest market for India's shrimp farmers and exporters, with clients including U.S. supermarket chains such as Walmart and Kroger. Last year, total seafood exports from India globally stood at $7.4 billion, with shrimp accounting for 40%. But the industry is now in troubled waters with President Trump's 25% tariff on imports from India already in place - the highest among major economies, and another 25% levy to kick in from August 27 to penalize New Delhi for buying Russian oil. By comparison, Ecuador, India's main rival for shrimp exports to the U.S., faces a much lower 15% tariff, heightening its competitive edge. In Andhra, there are around 300,000 farmers engaged in shrimp farming, selling products to dozens of exporters who ship to America. Pawan Kumar, head of the Seafood Exporters Association of India, said orders from U.S. clients have been paused in recent weeks as buyers aren't willing to absorb the tariff, and neither can exporters, forcing the latter to cut prices they pay to farmers. Although India also sells shrimp to other countries such as China, Japan and the UK, and likely will look to expand sales there and diversify into new markets, "that's not going to happen overnight," Kumar said. The impact is yet another example of how Trump's tariff threats are causing business disruptions across the world, especially in India, given it faces one of the steepest levies that have soured its relations with Washington. In Andhra, six of 12 farmers Reuters interviewed said they were considering putting shrimp farming on hold and looking at fish farming, vegetable retailing or other local businesses to tide over the crisis. The other six are choosing to wait it out a bit. Each round of shrimp cultivation takes about 2 months or more. While prices being offered for their shrimp are being slashed, the farmers said they still face loan payments and high operating costs for electricity, raw material and feed, as well as high land rentals. "There's hardly a 20-25% profit for us on good days, and if that's getting eaten up, what else is left?," said Gopinath Duggineni, the chief of a local union in Ongole city, adding the farmers plan to seek financial support from the state government. Ecuador, meanwhile, is closely tracking tariffs on India to seize on business opportunities, but producers there will go slow on new investments amid uncertainty over whether India and the Trump administration could strike a tariff deal, said Jose Antonio Camposano, president of National Chamber of Aquaculture of Ecuador. "India's exports are highly concentrated in the United States ... just as China is for us. So that is where we could gain ground if India withdraws," he said. This article was generated from an automated news agency feed without modifications to text.
Yahoo
29-07-2025
- Business
- Yahoo
Agilent Tech looks to double investments in India, eyes high-teen growth, CEO says
By Rishika Sadam HYDERABAD (Reuters) -U.S.-based laboratory equipment maker Agilent Technologies plans to double its investments in India to expand in one of its fastest-growing markets, a top executive said. The company anticipates the Indian market to grow in the high teens and beyond, CEO Padraig McDonnell told Reuters, during the inauguration of its center in Hyderabad, a city in southern India. CEO McDonnell said the company plans to double its investments in India over the next three years, without specifying the amount, and added, "Before the end of the year, we're going to have new announcements about investments in India." Agilent generated revenue of $6.51 billion in the previous fiscal year, with the U.S. being its largest market. It produces laboratory equipment used in research, production and testing by pharmaceutical, chemical and food companies. "We're evenly split across markets, like one-third from the U.S., Europe and Asia," McDonnell said. However, he declined to provide details on India's contribution to total revenue, noting only that it is growing in double digits. The soaring demand for weight-loss drugs and drugmakers racing to develop their own versions is expected to boost demand for Agilent's services, McDonnell said. Indian drugmakers are working on developing cheaper versions of Novo Nordisk's blockbuster obesity drug Wegovy. Agilent has already observed such demand in other markets, and anticipates growth in its order book as more Indian pharmaceutical companies develop drugs for complex diseases, and work on cell and gene therapies, according to McDonnell. "All these spaces are very fast-growing markets. So we expect these drivers to continue to grow. And that's why we want to kind of invest ahead of the curve," he said, adding that India is expected to be a bigger growth driver of overall revenue in the coming years. Sign in to access your portfolio
Yahoo
22-07-2025
- Business
- Yahoo
US retail giant Costco to set up global capability centre in India, to employ 1000 people, sources say
By Rishika Sadam and Sai Ishwarbharath B HYDERABAD/BENGALURU (Reuters) -U.S. retailer Costco Wholesale Corp will open its first technology centre in India in Hyderabad, two people familiar with the plans told Reuters. The Global Capability Centre, handling technology and research operations and working alongside global teams, will initially employ 1,000 people and scale up, sources said. GCCs, which were once low-cost outsourcing hubs for global firms, have evolved over the last few years and are now used to support their parent organisations in multiple functions, including daily operations, finance, and research and development. India is already home to some of the global marquee brands--having their GCC operations in India. This includes companies such as JPMorgan Chase, Walmartand Target in Bengaluru while Hyderabad also hosts companies such as McDonald's, Heineken and Vanguard Group. The market size of India's global capability centres (GCCs) is likely to grow to $99 billion-$105 billion by 2030 from $64.6 billion in fiscal 2024, according to a report by IT industry body Nasscom and consulting firm Zinnov released late last year. Costco did not immediately respond to Reuters request for a comment. Sign in to access your portfolio
Yahoo
21-07-2025
- Business
- Yahoo
US retail giant Costco to set up global capability centre in India, to employ 1000 people, sources say
By Rishika Sadam and Sai Ishwarbharath B HYDERABAD/BENGALURU (Reuters) -U.S. retailer Costco Wholesale Corp will open its first global capability centre (GCC) in India in Hyderabad, two people familiar with the plans told Reuters. The centre will initially employ 1,000 people and scale up eventually, sources said. Costco did not immediately respond to Reuters request for a comment. Sign in to access your portfolio
