New Delhi— Despite a recent global surge in tariffs, India has managed to secure some relief compared to other nations, according to Ashish Chauhan, Managing Director and CEO of the National Stock Exchange (NSE).
In an exclusive interview with IANS, Chauhan explained that while many countries are grappling with the impact of increased tariffs, India’s situation remains relatively favorable.
“While tariffs have been raised recently, India has still received some relief compared to others,” said Chauhan during his first visit to the Vaishno Devi shrine.
Looking ahead, Chauhan anticipates that many countries will soon engage in negotiations with the United States to ease tariff pressures, and India will be no exception. “In the near future, several nations are expected to approach the US to discuss tariff reductions, and India will present its case as well,” he noted.
Chauhan also highlighted that countries like Pakistan and Bangladesh have historically maintained lower tariffs to bolster their import-export businesses.
His remarks echo a recent report by SBI Research, which suggested that India’s exposure to US tariffs is relatively limited, as its exports to the US account for only about 4% of its GDP. The report also indicated that the new US tariffs on India are the lowest among major Asian economies, offering India a competitive edge over countries like China, Vietnam, Thailand, and Indonesia.
According to the SBI report, sectors such as electronics and agriculture could stand to benefit from India’s tariff advantage in the long term, although challenges persist for sectors like gems, jewelry, and engineering goods in the short term.
“We expect India to have a competitive advantage, with a positive export impact on various sectors,” the SBI report, published on April 4, stated.
India’s exports to the US have been on a decline since FY23, with the share of total exports to the US hovering around 17-18%. The top 15 export items to the US account for approximately 63% of India’s total exports, the report revealed. (Source: IANS)
