MELBOURNE, September 1, 2025: Mr. R. Rajaram, Chairperson, International Financial Services Centre Authority (IFSCA) , told a Indian Diaspora gathering at the Indian Consulate that to overcome the 50 percent tariffs on some Indian products by the US, the government’s effort was in progress to support such industries and look for other markets. The impact of these tariffs will be ‘very minor’, he said. He was answering to a question on Trump tariffs by an attendee at an interactive session at the Consulate.
The 50 percent US tariffs on some Indian exports (Textiles, Diamonds, et.) have been imposed by President Trump to punish India for importing discounted Russian oil, while China which imports more than India has been spared. The just concluded SCO summit in China, has slammed these punitive tariffs.
In fact, President Trump’s tariffs on India have pushed India towards China and Russia, as evident in the SCO summit and what happens to Indian exports and domestic consequences will come up sooner or later.
The high-level delegation led by Mr. K Rajaram, Chairperson, International Financial Services Centre (IFSCA) visited here on 1 and 2 September, 2025. The delegation comprised of senior officials from the IFSCA, CEO’s from leading financial institutions and representatives from key industry associations. The objective of the visit was to engage prominent financial institutions particularly in the areas of banking, fund management, insurance, superannuation (SMSFs), academia and financial media, to showcase the unique value proposition and business opportunities at India’s International Financial Services Centre (IFSC) in GIFT City, Gujarat.
On a question by SAT as to what is “Made in India’ ( Indian pharma product (Panamax, paracetamol tablets) available in Australia, having raw material imported from China context), the reply from Mr. Aniket Talati, Strategic Advisor , Awffiicacy Group was that the Indian government now gives incentives to manufacture raw material, and this has led to lot of this stuff being manufactured in India, instead of importing it. Then he explained how the country was going into the manufacture of Semiconductors.
GIFT City is, according to the Indian Consulate email, “India’s maiden International Financial Services Centre having Internationally aligned regulatory architecture with competitive tax regime and houses 850+ financial institutions including leading Australian Bank and universities such as ANZ, Deakin University, University of Wollongong (UoW), etc.”
An interactive Q-A session between the visitors and the Indian Diaspora members including many professionals engaged in the financial sector took place at the Consulate and many questions answered, followed by networking.
This report has been reposted.
