New Delhi: American multinationals operating in India are facing the threat of being boycotted after President Trump imposed 50 percent tariff on India, NDTV reported.
The probability of Indians boycotting Pepsi, Coca-Cola, Subway, KFC, McDonald's follows PM Modi’s call for Indians turn to ‘swadeshi’ or homegrown goods.
Alongside, influential Yoga guru Ramdev called for a boycott of US products, saying ‘Not a single Indian should be seen at the counters of Pepsi, Coca-Cola, Subway, KFC, or McDonald's. There should be such a massive boycott," he said, adding, "if this happens, chaos will ensue in America’.
It is reported that a wave of anti-US sentiment is prevalent in India following Trump’s reckless imposition of high tariff on the country.
This reflects more widespread boycotts of the US products happening in France, the United Kingdom and Canada.
With a population of 1.5 billion alongside being the fastest growing economy, India’s boycott could adversely affect the US multinational companies operating in India.
Earlier Prime Minister Narendra Modi told the people of the country to buy ‘Anything that has been made by the people of India, using the skill of the people of India, by the sweat of the people of India, is 'swadeshi' for us. We will have to adopt the 'vocal for local' mantra’.
President Trump imposed 50 percent tariff on India for what he said buying Russian oil which according to him was helping Russia’s war in Ukraine.
Taking to his social media platform Truth Social, Trump said: ‘India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits’.
Being the country among top 15 markets, PepsiCo India's revenue is reported to be at Rs 8,200 crore for fiscal year 2024.
While, McDonald in West and South India reported a 5 per cent increase in revenue for the fiscal year 2024 at Rs 2390 crore, compared to the previous year.