US tariffs: India got relief compared to others, says NSE CEO

Speaking to IANS on global market developments, Chauhan said that although several nations have been hit hard by new tariffs, India's position is relatively better.

"Although new tariffs have been imposed in recent days, India has still received some relief compared to other countries," Chauhan told IANS during his first visit to the Vaishno Devi shrine.

He noted that in the coming days, many countries are likely to hold talks with the United States to reduce tariff burdens, and India too will present its case.

"In the near future, several countries are expected to engage in discussions with the United States to reduce these tariffs and present their respective stands -- and India will do the same," Chauhan mentioned.

He also said that countries like Pakistan and Bangladesh have historically maintained lower tariffs to support their import-export businesses.

Chauhan's comments align with a recent SBI Research report, which stated that India's exposure to US tariffs is limited due to its exports to the US forming only around 4 per cent of the GDP.

The report also highlighted that the new US tariffs on India are the lowest among key Asian nations, giving India a competitive edge over peers like China, Vietnam, Thailand, and Indonesia.

The SBI report said that sectors like electronics and agriculture could gain in the long run due to India's tariff advantage, even as short-term challenges remain for sectors such as gems and jewellery and engineering goods.

"We expect India will have a competitive advantage and export-oriented impact on various sectors," the SBI report said on April 4.

India's exports to the US have been in a declining trend since FY23, with a share in total exports of around 17-18 per cent. The top 15 items exported to the US accounted for 63 per cent of total exports, the report points out.