How India Inc. is navigating tariff fog

To counter US tariffs, Indian industry must expand to other markets including Latin America and Russia, corporate leaders said at a Mint roundtable

- Staff Writer

It is not an easy time to head a business in India—whether local or multinational. The US tariffs of 50% on Indian exports hit sectors such as textiles and apparel, and gems and jewellery. Auto components, too, face pressures given their reliance on exports to the US. Renewable energy firms, meanwhile, are less directly affected by Washington's tariff strikes, but remain deeply dependent on China for technology and inputs. The recent easing of Sino-Indian tensions has offered some reassurance, but nerves remain raw.

To deliberate on these issues and explore both risks and opportunities, Mint convened a leadership roundtable in New Delhi with leaders across textiles, renewable energy, mining, electronics, auto components and law.

What emerged were not just sectoral stories, but common threads that reveal how Indian businesses are thinking about survival—and growth—in turbulent times.

Few issues loomed larger than China. For the renewable energy industry, the dependence is stark. "China is the biggest part of our supply chain, so anything that happens with China is the biggest risk for us," said Nikhil Dhingra, chief executive officer (CEO) of renewable power producer ACME Solar. Even as India expands its domestic manufacturing base, critical technology is still imported.