India Holds Back on Tariff Retaliation Amid U.S. Trade Talks
印度在美貿易談判期間暫停徵收報復關稅
India has opted not to retaliate against U.S. President Donald Trump’s recent imposition of a 26% tariff on imports from the country, citing ongoing negotiations toward a trade agreement. According to Indian government officials, New Delhi is leveraging a clause in the U.S. tariff order that allows exemptions for countries taking “significant steps” to resolve non-reciprocal trade practices. India is positioning itself as a proactive negotiator, especially compared to regional peers like China and Vietnam, who have faced steeper trade barriers. As part of its efforts, India has already reduced duties on items like high-end motorcycles and bourbon and removed a digital tax that impacted major U.S. tech firms.
This non-retaliatory stance, officials say, may give India an edge in securing favorable terms in the trade deal expected by autumn 2025. While the tariffs could still dent India’s economy—potentially slowing growth by up to 40 basis points and hurting labor-intensive industries like diamond exports—New Delhi views long-term engagement with Washington as the more strategic move. For non-Indian companies, especially those operating in global supply chains or relying on stable India-U.S. trade ties, this signals a more predictable and less protectionist trade environment in the near term.
小編點評：印度對於美國徵收的26%出口關稅決定不進行報復，原因在於正在進行貿易談判，並且美國對合作國家可能存在豁免條款。透過降低美國商品關稅和取消數位稅，印度希望塑造出「有建設性的合作夥伴」形象，爭取在 2025 年秋季達成更有利的協議。儘管此關稅可能會影響經濟成長和鑽石出口等產業，但印度認為與美國的長期關係更具有戰略意義。
Apple, Samsung Ramp Up ‘Make in India’ Strategy to Offset U.S. Tariffs on China, Vietnam
蘋果與三星加快「印度製造」策略，以避開美國對中國與越南的高關稅
Amid escalating U.S. tariffs on imports from China (now as high as 104%) and Vietnam (46%), global smartphone giants Apple and Samsung are turning to India as a key manufacturing and export hub. India’s ‘Make in India’ initiative is gaining fresh momentum as Apple begins shipping iPhones from its Indian factories to the U.S., bypassing higher tariffs and ensuring price competitiveness in a critical market. While this shift requires overcoming logistical and regulatory challenges, urgent efforts are underway to streamline customs and compliance processes. Apple’s partners Foxconn and Tata Group — the latter having acquired Taiwanese firms Wistron and Pegatron — are central to this expansion, which could grow beyond the estimated $10 billion in U.S.-bound shipments this fiscal year.
Samsung is also weighing India as a temporary solution to manage its U.S. exports. Industry officials indicate that unless Apple sets up new production hubs in lower-tariff countries like the UAE, Saudi Arabia, or Brazil (each with 10% U.S. tariffs), India could see a major surge in capacity and investment. For non-Indian companies, this trend underscores a strategic shift in global supply chains — highlighting India as an increasingly viable alternative for export-oriented manufacturing, especially for firms seeking to reduce exposure to U.S.-China trade tensions.
小編點評：面對美國對中國與越南產品大幅加徵關稅，蘋果與三星正加速推動「印度製造」戰略，將印度作爲主要製造與出口基地。獲得富士康和塔塔集團等的支持，蘋果已開始從印度向美國出口 iPhone，而三星也將印度視為短期出口解決方案。此動作表示全球供應鏈的重組，凸顯印度在中美貿易緊張局勢下，逐步成為出口製造樞紐。
India’s Tech IPO Wave Set to Revive Markets Amid Global Uncertainty
印度科技IPO波浪潮有望在全球不確定性中復甦市場
India is poised for a major revival in tech IPOs, with over 36 startups — collectively valued at $100 billion — gearing up to go public by 2027. This fresh wave includes big names like Flipkart, PhonePe, and Oyo Hotels, and marks a shift from the post-2021 IPO slump, where several high-profile listings faltered after debut. According to investment bank The Rainmaker Group, a key driver of this turnaround is stronger financial discipline, with two-thirds of upcoming IPO candidates already profitable. Despite a 34% drop in share sales in early 2025 and volatility in the Nifty 50 Index, optimism is rising as major listings such as LG Electronics’ India unit and Ather Energy line up.
For investors like SoftBank and Prosus, these IPOs offer vital exit routes from long-held stakes in companies like Lenskart, Meesho, and Urban Company. However, market watchers warn that pricing will be crucial, especially amid investor caution following poor post-listing performances from firms like Paytm. For non-Indian companies and global investors, this signals not just fresh opportunities in India’s fast-growing tech sector, but also a maturing startup ecosystem where profitability, transparency, and corporate governance are taking center stage — making India a more attractive and resilient destination for capital deployment.
小編點評：印度科技 IPO 市場即將復甦，超過 36 家估值 1,000 億美元的新創公司計劃在 2027 年上市，領頭企業包括 Flipkart、PhonePe 和 Oyo 。儘管近期市場波動，但在財務紀律改善以及大多數即將上市的企業 已實現獲利的背景下，投資者信心仍持續回溫。這波浪潮不僅為全球投資者提供了關鍵的退出機會，也突顯了專注於獲利能力和公司治理的日趨成熟印度新創生態系。
India Gains Competitive Edge in Electronics Exports Amid U.S. Tariff Realignments
美國關稅調整有助於印度電子產品出口的競爭優勢
As U.S. President Donald Trump rolls out reciprocal tariffs for most global trading partners, India has emerged relatively well-positioned — especially compared to key electronics export rivals like China and Vietnam. With China facing combined tariffs of up to 79% and Vietnam at 46%, India’s comparatively lower rates offer a strategic window of opportunity. Industry bodies such as the India Cellular and Electronics Association (ICEA) credit this advantage to relentless diplomatic efforts. ICEA Chairman Pankaj Mohindroo emphasized that while this creates near-term export competitiveness, a bilateral trade agreement (BTA) with the U.S. remains vital for long-term tariff predictability and sustainable market access.
Despite the positive positioning, industry experts caution that reciprocal tariffs could still disrupt trade flows and affect profit margins. Ashok Chandak, President of IESA, noted that while India’s electronics imports from the U.S. are minimal, proactive policy and strategic negotiations will be key to maintaining balance. With electronics exports to the U.S. already hitting $10 billion in FY 2023-24 — led by $5.6 billion in smartphone shipments — India is expected to grow this figure to $13.5 billion in FY 2024-25. For non-Indian companies, especially those in semiconductors, hardware, and high-end components, India’s favorable tariff treatment and rapidly growing U.S. electronics trade make it a compelling destination for investment, manufacturing partnerships, and supply chain diversification.
小編點評：隨著美國關稅對中國和越南等競爭對手造成更大打擊，印度在電子產品出口領域正逐步取得競爭優勢，為印度製造商創造出戰略機會。印度對美國的出口額在 2023-24 財年達到 100 億美元，其中多數來自智慧型手機，印度的目標是在外交努力和優惠關稅待遇的支持下，在 2024-25 財年將此數字增至 135 億美元。儘管利潤率壓力和貿易流中斷等挑戰依然存在，但前景強勁，使印度成為全球電子投資和供應鏈多元化的重要據點。
Indian Firms Embrace Agentic AI and GenAI at Scale Amid Challenges in Customization and Scalability
印度企業在客製化和擴展性挑戰中，大規模擁抱 Agentic AI 和 GenAI
A new Deloitte report reveals that over 80 percent of Indian organizations are actively exploring autonomous agents, signaling a significant shift toward Agentic AI. The “State of GenAI – India Perspective” highlights the rising adoption of multi-agent workflows, with half of the surveyed companies identifying this as a key area of focus. Seventy percent of firms expressed strong interest in using Generative AI for automation, while 71 percent are running more than 10 GenAI experiments, showcasing an accelerating pace of AI-driven innovation. Notably, over 67 percent of organizations reported positive impacts from GenAI across the entire software development lifecycle, and around 70 percent achieved or exceeded expected returns on investment, with IT, customer service, marketing, operations, and product development emerging as AI adoption frontrunners.
However, challenges persist in scaling these efforts. Only 29 percent of organizations were able to scale even 30 percent of their AI proof-of-concepts, and usage among employees remains limited. Concerns over data quality, algorithmic bias, and errors with real-world consequences continue to hamper full-scale deployment. Most companies prefer buying AI tools over building them, which raises issues around customization, adaptability, and long-term sustainability. For global businesses, the Indian experience offers a valuable case study—highlighting the importance of balancing speed and scalability with robust governance, agile innovation, and the need to future-proof investments in an ever-evolving AI landscape.
小編點評：德勤的一份報告顯示，超過 80% 的印度企業正在探索Agentic AI，對用於自動化的生成式人工智慧展現高度興趣，並在 IT、客服和產品開發領域進行了廣泛的實驗。雖然許多公司回報生成式AI帶來正向投資報酬並改善軟體開發，但規模化仍是一個挑戰——只有 29% 的企業能將三成以上的AI 概念實證擴展落地。員工使用率有限、對數據品質和演算法偏見的擔憂，以及偏好購買而非構建人工智慧工具的趨勢，凸顯了企業在客製化、治理和永續創新策略上仍需加強。
Bharat FIH Overhauls Board, Pivots Toward Apple Supply Chain Amid Xiaomi Setback
印度富智康集團 Bharat FIH 重組董事會，在小米挫折後轉向蘋果供應鏈
Foxconn group company Bharat FIH (BFIH) is undergoing a strategic transformation after a turbulent year marked by board-level resignations and a steep decline in orders from Xiaomi, its primary client. The company has reconstituted its board with the appointment of UExcelerate cofounder Payal Koul Mirakhur and chartered accountant Arun Todarwal as independent directors. With chairman Hui Chung Chen and managing director Abraham Joseph at the helm, the board is steering the company away from the crowded electronics manufacturing services (EMS) space. Instead, BFIH is repositioning itself as a service provider for Apple’s suppliers, working alongside major players like Foxconn Hon Hai, Pegatron, and Wistron (now part of Tata Electronics) in Chennai and Bengaluru. It has deployed trained personnel for equipment servicing and maintenance at these sites, seeking to deepen its presence in Apple’s vast supply chain.
The strategic shift comes after a challenging period that saw the potential shutdown of its Sri City plant, the departure of country head Josh Foulger, and increased competition from rivals like Dixon. Bharat FIH had long relied on Xiaomi and some Nokia contracts, but a failure to qualify for India’s PLI scheme, coupled with Xiaomi’s regulatory troubles and diversified EMS partnerships, led to a sharp downturn. For global companies, Bharat FIH’s pivot highlights the risks of over-reliance on a single client and the importance of aligning with resilient supply chains. It also underscores the growing opportunities for service-oriented roles within major ecosystems like Apple’s, particularly as manufacturing hubs expand in emerging markets like India.
小編點評：由於以前主要客戶小米的訂單大幅下降，印度富智康集團 (Bharat FIH) 正在重組董事會，並將重點從傳統電子製造轉向支持蘋果的供應鏈。該公司目前正在欽奈和班加羅爾的蘋果相關站點提供設備維修服務，並與富士康、塔塔電子等大廠展開合作。這一轉變凸顯了客戶過度依賴的風險以及在印度等新興市場彈性供應鏈體系中，從事服務導向角色的機會。
Indian Firms Prioritize Data Localization Despite Costs, See Privacy as Key to AI Success: Cisco Survey
Cisco調查：印度企業雖然成本高昂，仍優先考慮資料在地化，並將隱私視為人工智慧成功的關鍵
A new Cisco survey reveals that 92% of Indian respondents believe storing data within national borders enhances security, even as data localization drives up operational costs. Interestingly, while most support domestic data storage, 95% also trust global providers over local ones for better data protection. Additionally, respondents widely agreed that unrestricted data flow could contribute significantly to the country’s economic growth. These findings reflect a nuanced stance—favoring both data sovereignty and global infrastructure reliability—as companies navigate the intersection of privacy, innovation, and regulation.
Cisco India & SAARC’s director of security business, Samir Kumar Mishra, emphasized that strong privacy laws are now viewed as business enablers, especially in the AI-driven digital landscape. Indian enterprises are increasingly deriving value from generative AI (GenAI), but the comfort to fully leverage AI depends heavily on robust data governance. For global businesses, these insights offer a roadmap to building trust in emerging markets—highlighting the importance of balancing global cloud capabilities with local regulatory compliance, particularly in regions where data sovereignty and AI innovation are rising in tandem.
小編點評：Cisco的一項調查顯示，92% 的印度企業支持資料在地化以提高安全性，儘管會增加營運成本，但仍有95% 的企業更信任國際供應大廠的資料保護能力。企業普遍認為，健全的隱私法推動人工智慧應用的關鍵因素，而強化資料治理則可解鎖生成式AI潛力。這反映了數據主權和全球基礎建設之間的策略性平衡，也為國際企業在如印度等新興AI市場中，建立可信任關係提供了明確的參考藍圖。