New Delhi, July 30 -- US President Donald Trump's decision to impose 25 per cent tariffs and additional penalties on imports of goods from India from August 1 has drawn concerns from industry leaders and trade experts for its impact on India's export but experts said it is also an opportunity for India to scale up and diversify with FTAs being finalized with several countries.

They also said that India will not be impacted to a very great extent due to some of the competing markets facing higher tariffs from the United States.

Speaking to ANI, Economist Suriya Narayanan called the tariffs a "setback for Indian exporters."

"This is a setback to India because India was exporting pharmaceuticals, copper, metals and more with zero tariffs....