{"id":31587,"date":"2025-09-22T20:23:14","date_gmt":"2025-09-22T20:23:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/31587\/"},"modified":"2025-09-22T20:23:14","modified_gmt":"2025-09-22T20:23:14","slug":"jpmorgan-calls-india-a-bright-spot-even-as-tariffs-and-100000-h-1b-fee-bite","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/31587\/","title":{"rendered":"JPMorgan calls India a \u2018bright spot\u2019 even as tariffs and $100,000 H-1B fee bite"},"content":{"rendered":"

JPMorgan Chase & Co. views India<\/a> as a \u201cbright spot\u201d in a difficult global economic environment, owing to its strong domestic growth and limited dependence on exports, according to Sjoerd Leenart, the bank\u2019s top executive for Asia Pacific.<\/p>\n

\u201cSure, it has its share of issues \u2014 the tariffs, now the H1B visa issues. But overall it has a strong hand to play,\u201d Leenart said in an interview with Bloomberg Television in Mumbai, where the bank is hosting its annual India conference. The Wall Street bank believes India can navigate the tariff challenges, \u201cand will land in a good place,\u201d he added.<\/p>\n

The United States has raised concerns about India\u2019s oil and defence trade with Russia, calling it a \u201cthreat to the national security and foreign policy of the United States.\u201d US President Donald Trump has also warned of additional tariffs on countries that levy digital taxes.
According to the Global Trade Research Initiative (GTRI), India exports roughly $86.5 billion worth of goods to the US each year. Of this, around $60.2 billion, or 66%, is now subject to the 50% tariff. Another $3.4 billion in auto parts remains at 25%, while $27.6 billion, largely comprising pharmaceuticals, electronics, and petroleum, remains duty-free.<\/p>\n

Ajay Srivastava, founder of GTRI, estimates that exports from the affected sectors could fall 70%, shrinking from $60.2 billion to $18.6 billion. Overall shipments to the US could drop 43%, putting hundreds of thousands of jobs across India\u2019s export hubs at risk.<\/p>\n

\"ETLive Events
India has already faced the brunt of US policy changes, with a 25% reciprocal levy being doubled because of its purchases of Russian oil. Over the weekend, the country faced another shock after Trump signed an order imposing a $100,000 entry fee for new H-1B visas, where Indians account for more than 70% of all such visas.While it is too early to gauge the full impact of the proposed H-1B changes, Leenart said it was reassuring that the fee does not affect existing H-1B visa holders.Global technology and financial services companies are rapidly expanding their so-called global capability centres in India<\/a>, attracted by the country\u2019s deep talent pool and cost advantages. While Trump\u2019s rules aim to protect US jobs by limiting immigration, executives warn the policy could backfire and raise costs for American firms, prompting them to accelerate the growth of these centres.<\/p>\n

JPMorgan benefits from India\u2019s vast talent pool but is not able to comment on how the new visa rules might affect its tech centres in the country, said Leenart.<\/p>\n

The bank has been increasing its local presence across investment banking, corporate banking, and custody services, raising its headcount by 20% over the last two years, Leenart added.<\/p>\n

JPMorgan\u2019s operations in India cover commercial and investment banking, asset management, payments, and securities services. Its corporate centres in Mumbai, Bengaluru, and Hyderabad support technology and business operations globally with more than 55,000 employees.<\/p>\n

In a separate interview with Bloomberg, Anu Aiyengar, JPMorgan\u2019s global head of advisory and M&A, said the number of initial public offerings the firm is preparing in India is higher than any other market. The size of the IPO market this year could far exceed last year. \u201cI would not put a limit based on last year, this is a growing market,\u201d she said.<\/p>\n

India has become one of the world\u2019s most active markets for new listings.<\/p>\n

(with Bloomberg inputs)
Add \"ET as a Reliable and Trusted News Source<\/p>\n","protected":false},"excerpt":{"rendered":"JPMorgan Chase & Co. views India as a \u201cbright spot\u201d in a difficult global economic environment, owing to…\n","protected":false},"author":2,"featured_media":31588,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,26839,26838,85,207,26837,26840,46,1579,26843,26841,2383,26842],"class_list":["post-31587","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-global-capability-centres-in-india","tag-h1b-visa-changes","tag-il","tag-india","tag-india-economic-growth","tag-ipo-market-in-india","tag-israel","tag-jpmorgan-chase-co","tag-jpmorgan-operations-in-india","tag-trade-tariffs-impact","tag-trump-tariffs","tag-us-trade-policy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/31587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=31587"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/31587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/31588"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=31587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=31587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=31587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}