By Rishika Sadam HYDERABAD, India/GUAYAQUIL, Ecuador (Reuters) -On India's southern coast, V. Srinivas thrived for two decades by farming shrimp, as the country became the top supplier of the delicacy to the United States.

New U.S. taxes on American imports, even at 25 percent, will hurt many Indian businesses and may put vast numbers of people out of work.

The Kotak Mahindra group founder called for “direct fiscal support” from the government to “turbocharge” small businesses in manufacturing, research and technology.

US President Donald Trump will keep shifting the goal post. India has to protect its economic sovereignty- Jayant Dasgupta, Former Ambassador, WTO

India’s largest shoemaker Farida Group had already staked out the land — a 150-acre plot in southern Tamil Nadu — for a sprawling new export facility. Then came the blow from Washington: President Donald Trump announced he was doubling tariffs on Indian exports to 50%.

A video showing Jon Stewart criticising US President Donald Trump for his 50 percent tariffs on India has gone viral on social media. However, the video was altered using AI.

Trump announced the new tariff in a post on his social media app Truth Social on July 30, two days before a bevy of increased reciprocal tariffs will go into effect for dozens of nations on Aug. 1.

White House Press Secretary Karoline Leavitt has said that President Donald Trump had imposed "sanctions" on India as part of a strategy to indirectly pressure Russia to stop the war in Ukraine, India Today reported.