1 year ago
Wheels India MD on US Tariffs' Impact on Exports
US tariffs are affecting Indian businesses.
Wheels India's MD explains that a 50% duty would significantly hurt sectors like textiles.
The auto sector faces less impact due to a 20% duty.
A surcharge by the US is also an issue.
Resolving these issues is important for exporters.
Wheels India saw a 25% increase in export revenue in Q1, but future growth hinges on resolving the tariff issues, especially for employment-generating sectors.
Wheels India MD highlights the impact of US tariffs on Indian exports.
A 50% US tariff would severely impact employment-generating sectors.
Auto sector faces 20% duty, other sectors may face 50% duties.
Uncertainty around surcharges hinders future business planning.
Wheels India's export revenue grew 25% in Q1, with US contributing significantly.
- Who
- Wheels India, Srivats Ram, and Indian exporters.
- What
- US tariffs impact Indian exporters, especially employment-generating sectors.
- Where
- India and the US.
- When
- Ongoing, with uncertainty regarding the future.
- Why
- To understand the impact of US tariffs on Indian businesses.
Indian Exporters
US Government
Tariff Concerns
Indian Exporters
Concerned about the negative impact of high US tariffs, especially the 50% duty.
US Government
N/A
Surcharge Resolution
Indian Exporters
Need for resolution on surcharges for business planning and future growth.
US Government
N/A
Key facts
- Company
- Wheels India
- MD
- Srivats Ram
- Q1 Export Revenue
- ₹324 crore
- Q1 US Export Revenue
- ₹145 crore
- Export Growth (Year-on-Year)
- 25%
- Capex this year
- ₹200 crore
Timeline
US and India discussed trade deals, including tariffs.
Trump tried using the talks to gain concessions.
Then, Trump raised tariffs on Indian goods.
The US levied tariffs, hurting textiles.
These tariffs threaten Indian businesses and exports.
Quotes
Srivats Ram
MD of Wheels India
“A 25 per cent duty does not completely knock you out of the park. But, a 50 per cent duty would knock you out of the park. Fortunately, for us, we are not hit.”
thehindubusinessline.com
Sources
IKEA India to accelerate store expansion plans, ramp up sourcing
A 50 per cent duty would knock you out of the park, says Wheels India MD
US tariff to have economic consequences, monitoring situation: Ingka Group CEO
US Tariffs Impact on Indian Exports: Wheels India MD Srivats Ram Explains
We don’t see any drop in sales in the US post tariff: Haworth International President
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