Deepinder Goyal’s Call for Indian Empowerment
Zomato CEO Deepinder Goyal has responded to the recent US decision to impose a significant tariff increase on Indian imports. In a bold statement, he urged India to assert itself as an “unapologetic superpower” in response to global pressures. Goyal’s remarks came after the US announced a 50% tariff on Indian goods, citing India’s ongoing trade with Russia as the catalyst for this decision. He emphasized that India must take control of its destiny by striving for excellence in various sectors, including economy, technology, and defense.
US Tariff Increase and Its Implications
The tariff hike was initiated by an executive order from US President Donald Trump, which added an additional 25% duty on Indian imports, bringing the total to 50%. The first phase of this tariff took effect immediately, with the second phase scheduled for implementation after a 21-day period. This move is expected to significantly impact the competitiveness of Indian products in the US market, affecting a wide range of sectors such as textiles, gems, and machinery.
Opportunities Amidst Challenges
Former NITI Aayog CEO Amitabh Kant highlighted that this situation presents India with a unique opportunity to implement significant reforms. He stressed that such crises should be leveraged to propel India forward on its path to becoming a global leader. The increased tariffs are anticipated to raise costs for Indian goods in the US, affecting industries like shrimps, organic chemicals, and vehicles.
Sector-Specific Impact
The tariff changes will see vehicles subjected to a 26% duty and petroleum products facing a 6.9% levy. Other affected categories include textiles, carpets, apparel, steel, aluminium, and copper. These changes underscore the need for India to enhance its global competitiveness and reduce reliance on foreign markets.