HSBC warns that year‑long 50% India tariffs may shave 0.7% GDP, hitting labour‑intensive sectors like jewelry.

• Tariffs exceed those on neighboring nations, pressuring jewelry, textiles, and food imports heavily across markets.
• Indirect effects are expected via weaker corporate capex, slowing investment, and broader economic activity in India.
• Potential domestic reforms, like tax cuts, offer a silver lining amid weakening manufacturing and consumption.