Tariffs may impact Indian exports to US: EXIM Bank Dy MD

Mumbai: A change in stance with regard to tariffs by the US may impact Indian exports to the North American country, a senior EXIM Bank official said on Friday. The bank has given its inputs on the impact of US President Donald Trump's assertion to go ahead with tariffs from April to the central government, its deputy managing director Deepali Agrawal told reporters here. "Majority of India's exports are to the US. And it will have a significant impact, depending on what the demands are coming," she said on the sidelines of an event organised by the lender. She, however, did not disclose the inputs, which have been shared with the central government. There is also a need to understand that these are decisions or announcements done by the US under the new administration and we need to give some time for the decisions to settle down to measure the exact impact, she noted. The official also explained that the administration may also feel some internal demands from the consumers who rely on imports and may stand to lose out on certain products in the face of tariff hikes. Another aspect to be considered is the rupee depreciation, the official said. To a question on the impact on pharma sector, which has a lot of reliance on the US market, the official said there is a need to diversify markets and Latin America can be a good catchment area for the products.