As the Trump administration’s tariff war continues to send tremors through the global trade landscape, a quiet recalibration is underway — and India might just be at the heart of it. A growing chorus of Indian industrial leaders are interpreting the trade upheaval not merely as a challenge, but as a turning point: a rare moment of global dislocation that opens doors for Indian manufacturing to step up and claim a bigger share of the world’s production pie.
From steel to aluminum, from ACP panels to EV infrastructure, key voices across India’s manufacturing spectrum are weighing in on the impact of the Trump tariff regime and the shifting sands of the global order.
Euro Panel Products Limited
Mr. Rajesh Shah, Chairman and Managing Director, Euro Panel Products Limited, offers perhaps the most compelling articulation of this shift, identifying the tariff war as part of a broader “new world order” in global trade.
Shah highlights that for years, Indian ACP (Aluminum Composite Panel) manufacturers have struggled to compete against China’s scale and government-backed subsidies. But the Trump tariffs, particularly on Chinese goods, have created what Shah calls a “unique opportunity for India.”
“Global manufacturers will look to alternative destinations with similar levels of ease of access and ease of business,” he explains. “India already houses a productive ACP industry… This will not only bring significant investments in the country, but also create numerous jobs, raise productive volumes and, most importantly — product innovation.”
His viewpoint isn’t just optimistic — it’s strategic. Shah sees India’s ACP sector as not only capable of absorbing global demand but also ready to capitalize on a reordering of supply chains.
EVRE
Echoing Shah’s vision is Mr. Krishna Karthik, CEO & CPO of EVRE, a leader in sustainable infrastructure. Karthik sees India as the prime candidate to become a global manufacturing hub — thanks not only to labor cost advantages but also due to recent policy shifts that make the country more attractive for foreign investment.
“It’s true that the Trump tariffs and the subsequent trade war have destabilized global trade,” he notes. “But it is also opening up a grand opportunity for Indian businesses. The US imposing significant tax on Chinese-made products is pushing global manufacturers to seek capable, cost-efficient alternatives — and India fits that bill.”
Karthik praises India’s large, trained workforce and points to the country’s more lenient approach to intellectual property and technology transfers as advantages over China, where tech transfers are often mandatory.
Steel Industry
The Indian steel sector is experiencing a more nuanced impact. Harsh Bansal, MD of BMW Industries, points out a paradox: while higher U.S. tariffs on steel may limit India’s ability to export, they also depress global prices, creating a windfall for domestic consumers in industries like construction and auto manufacturing.
“It’s a dual impact,” Bansal admits. “Tougher export conditions, yes — but also a potential cost advantage at home.”
Naveen Jindal, Chairman of Jindal Steel & Power, adds a layer of geopolitical insight. He sees opportunity in the U.S.’s equalizing 25% steel tariff, but cautions against complacency.
“India is one of the few major markets without any trade restrictions,” he warns, “making it a target for potential steel dumping.”
Jindal emphasizes that while India may gain in the short term, a lack of protective policy could expose the domestic market to predatory pricing from global players shut out of the U.S.
Aluminum Outlook
For Satish Pai, MD of Hindalco, the aluminum outlook is less volatile. He believes that U.S. dependency on Canadian aluminum will continue, limiting spillover effects on the Indian market.
“I don’t expect Indian aluminum market to be suddenly flooded with products coming in from countries blocked by the U.S.,” he says, tempering fears of a price collapse.
Textiles & Consumer Goods
Dipali Goenka, MD of Welspun Living, is confident in the resilience of India’s consumer goods sector, particularly textiles. While acknowledging the potential disruptions in global trade flows, she believes India is well-positioned to navigate them.
“Any impact that will come on India, we will be able to tide through it,” Goenka asserts. “It can’t be as extreme as the other countries.”
Sanjay Nayar, President of industry body Assocham, places India at a critical pivot point in trade negotiations.
“India’s export competitiveness to the US market stands far less impacted on a relative basis,” he observes. However, he urges Indian manufacturers to “increase export efficiency and value addition” to maintain momentum.
Nayar floats the idea of a preferential trade deal, leveraging Prime Minister Modi’s strong rapport with President Trump as a potential pathway to safeguard India’s export interests.
Conclusion
The Trump tariff war, while intended to rebalance U.S. trade, has created an unexpected inflection point for India. Leaders like Rajesh Shah and Krishna Karthik are seizing the moment, envisioning a future where India is no longer just a back-office economy — but a full-spectrum manufacturing powerhouse.
The message from across the board is clear: While the global trade war poses challenges, it is also setting the stage for a new manufacturing geography — one in which India could play a central, defining role. The coming years will reveal whether India can truly capitalize on this tectonic shift — but for now, industry leaders are leaning forward, not back.
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