Auto component makers hope India-US trade deal to conclude soon
The official also said that the government has been regularly consulting with the auto components industry amid the ongoing talks for an interim trade deal between India and the US.
The comments have come against the background of the US suspending reciprocal tariffs until August 1. The earlier deadline was ending on July 9.
India was not included in the list of countries that received tariff letters from the Trump administration on Monday.
"... our name is not in the list of the 14 countries, and we are hopeful that, you know, they would be able to sort of come out with a deal," Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta said.
"I do not have any insights into what would be the contours of the deal. It may be a truncated one, but then there would be a second phase also. That's what I understand," he added.
Mehta also said that the government has been regularly consulting with the auto parts industry on the proposed deal, while adding that "the people on the other side are not so easy".
North America is the largest export market for the auto component industry and accounted for 32 per cent of the overall auto component exports in FY25.
The market witnessed a growth of 8 per cent as compared with the last fiscal.
Overall, auto component exports grew by 8 per cent to USD 22.9 billion ( ₹ 1,92,346 crore) last fiscal as compared with USD 21.2 billion ( ₹ 1,75,960 crore) in FY 2023-24.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
27 minutes ago
- Business Standard
Apple names Indian-origin Sabih Khan as COO; here's all you need to know
Apple on Tuesday (local time) announced the appointment of Sabih Khan, an Indian-origin executive, as its new chief operating officer (COO). Khan, who has been with the iPhone maker for three decades, will succeed Jeff Williams, who is stepping down later this month and retiring later this year. Khan's elevation comes at a time when Apple is facing a series of challenges, including slowing iPhone growth and reciprocal tariffs imposed by US President Donald Trump's administration. Khan's three-decade Apple journey and global role Currently serving as senior vice-president of operations, Khan oversees Apple's global supply chain, supplier responsibility programmes, and operations teams. Born in 1966 in Moradabad, Uttar Pradesh, Khan moved to Singapore during his school years before relocating to the United States. He earned a bachelor's degree in economics and mechanical engineering from Tufts University, followed by a master's in mechanical engineering from Rensselaer Polytechnic Institute (RPI). Before joining Apple's procurement team in 1995, Khan worked at GE Plastics as an applications development engineer and key account technical leader. At Apple, he has played a pivotal role in delivering innovative products and shaping the company's global operational strategy. Since 2019, he has led Apple's global supply chain, overseeing procurement, planning, manufacturing, logistics, product fulfilment, and supplier responsibility programmes aimed at protecting and educating workers worldwide. Praise from Tim Cook and Jeff Williams In a statement, Apple chief executive Tim Cook called Khan a 'brilliant strategist' and said, 'Sabih is one of the central architects of Apple's supply chain. While overseeing Apple's supply chain, he has helped pioneer new technologies in advanced manufacturing, overseen the expansion of Apple's manufacturing footprint in the United States, and helped ensure that Apple can be nimble in response to global challenges.' Cook added, 'He has advanced our ambitious efforts in environmental sustainability, helping reduce Apple's carbon footprint by more than 60 per cent. Above all, Sabih leads with his heart and his values, and I know he will make an exceptional chief operating officer.' Outgoing COO Jeff Williams also endorsed the move, stating: 'I've had the pleasure of working closely with Sabih for 27 years, and I think he's the most talented operations executive on the planet. I have tremendous confidence in Apple's future under his leadership in this role.' AI challenges and India shift on the horizon As COO, Khan will also navigate Apple's ongoing efforts to strengthen its artificial intelligence (AI) capabilities. Bloomberg reported that Apple's top AI executive was recently poached by Meta, and the company continues to explore external partnerships to advance its AI technologies. The leadership change comes as Apple accelerates efforts to shift parts of its production from China to India, aiming to reduce its exposure to tariffs imposed by the Trump administration.
&w=3840&q=100)
Business Standard
27 minutes ago
- Business Standard
Supreme Court clears way for Trump's plans to downsize federal workforce
The justices overrode lower court orders that temporarily froze the cuts, which have been led by the Department of Government Efficiency AP Washington The Supreme Court on Tuesday cleared the way for President Donald Trump's plans to downsize the federal workforce despite warnings that critical government services will be lost and hundreds of thousands of federal employees will be out of their jobs. The justices overrode lower court orders that temporarily froze the cuts, which have been led by the Department of Government Efficiency. The court said in an unsigned order that no specific cuts were in front of the justices, only an executive order issued by Trump and an administration directive for agencies to undertake job reductions. Justice Ketanji Brown Jackson was the only dissenting vote, accusing her colleagues of a demonstrated enthusiasm for greenlighting this President's legally dubious actions in an emergency posture. Trump has repeatedly said voters gave him a mandate to remake the federal government, and he tapped billionaire ally Elon Musk to lead the charge through DOGE. Musk recently left his role. Tens of thousands of federal workers have been fired, have left their jobs via deferred resignation programs or have been placed on leave. There is no official figure for the job cuts, but at least 75,000 federal employees took deferred resignation and thousands of probationary workers have already been let go. In May, US District Judge Susan Illston found that Trump's administration needs congressional approval to make sizable reductions to the federal workforce. By a 2-1 vote, a panel of the US 9th Circuit Court of Appeals refused to block Illston's order, finding that the downsizing could have broader effects, including on the nation's food-safety system and health care for veterans. Illston directed numerous federal agencies to halt acting on the president's workforce executive order signed in February and a subsequent memo issued by DOGE and the Office of Personnel Management. Illston was nominated by former Democratic President Bill Clinton. The labour unions and nonprofit groups that sued over the downsizing offered the justices several examples of what would happen if it were allowed to take effect, including cuts of 40% per cent to 50 per cent at several agencies. Among the agencies affected by the order are the departments of Agriculture, Energy, Labour, the Interior, State, the Treasury and Veterans Affairs. It also applies to the National Science Foundation, Small Business Association, Social Security Administration and Environmental Protection Agency.
Mint
29 minutes ago
- Mint
Trump administration seeks to ban China from buying US farms
The Trump administration has a message for China: Keep off the farm. Agriculture Secretary Brooke Rollins said Tuesday the administration will work with state lawmakers to ban sales of U.S. farmland to buyers from China and other countries of concern, citing national-security interests. Rollins, joined by Defense Secretary Pete Hegseth and Homeland Security Secretary Kristi Noem, said the government is ratcheting up scrutiny on existing land owned by Chinese buyers and is looking at ways to potentially claw back past purchases. 'We'll never let foreign adversaries control our land," said Rollins. State and federal lawmakers for years have warned that China and other countries could use U.S. farmland to facilitate spying or wield influence over the U.S. food supply chain. Chinese-owned entities hold nearly 300,000 acres—roughly 0.02%—of U.S. farmland, according to Agriculture Department data, an area about the size of Los Angeles. Republicans and Democrats alike have sought to curb foreign ownership of American farmland, at times seeking to increase government scrutiny of purchases and investments. Critics have raised fears that foreign owners could drive up land prices or sidestep environmental rules. China's government has played down such concerns as overblown. Representatives of China's embassy in Washington, D.C., had no immediate comment. Rollins said on Tuesday that U.S. farms are under threat from China and other countries that are trying to infiltrate American agricultural research and steal technology. 'No longer can foreign adversaries assume we aren't watching," Hegseth said. Some state and municipal lawmakers have taken steps in recent years to block China-backed investment or ownership in U.S. agriculture. The city of Grand Forks, N.D., in 2023 halted the construction of a Chinese-owned corn mill after a U.S. Air Force official said the planned $700 million facility could represent a national-security risk because of its proximity to a nearby base. Some China-based ownership of U.S. farmland involves prominent U.S. agriculture companies. Pork giant Smithfield Foods and seed and pesticide supplier Syngenta have both faced criticism from government officials and lawmakers because of their Chinese owners. Smithfield is majority-owned by Chinese pork company WH Group and Syngenta is a subsidiary of China National Chemical. The companies' American leaders have pushed back, saying their China-based owners have helped them invest in U.S. farmers and create jobs. Smithfield in the past represented roughly half of the U.S. farmland owned by Chinese entities, via its Hong Kong-based parent. Much of that had been tied up in hundreds of company-owned hog farms and processing plants, according to federal data. WH Group acquired Smithfield in 2013, aiming to harness its technology and expertise to boost WH's operations in China. Smithfield returned to the U.S. public markets earlier this year, raising roughly $500 million after listing its shares on the Nasdaq Stock Market. WH Group owns about 93% of Smithfield's shares. 'We're an American company, American management team and made in America," Smithfield Chief Executive Shane Smith said in an interview earlier this year. Smithfield last year sold more than 40,000 acres of its U.S. farmland, leaving it with roughly 85,000 acres. Shares of Smithfield fell about 1% on Tuesday. Syngenta, the largest pesticide seller in the U.S., has said it owns a small amount of land for research, development and regulatory trials. The company, which employs about 4,000 people in the U.S., has previously faced calls to sell its farmland holdings. Two years ago, Arkansas ordered Syngenta to sell about 160 acres in the state, where it maintained an agricultural research facility with a few dozen employees. Syngenta at the time called the state's decision shortsighted. A Syngenta spokesman said Tuesday that the company is in the process of selling its remaining U.S. farmland and currently owns less than 1,000 acres in the country. Write to Patrick Thomas at
