Soumya Kanti Ghosh, Group Chief Economic Advisor at State Bank of India, and Lakshmanan V., Group President & Head of Treasury at Federal Bank, agreed that labour-intensive sectors such as gems and jewellery and textiles are taking the hardest hit from the tariffs, risking job losses and reduced orders. In contrast, electronics machinery and pharmaceuticals are less exposed for now, though pharma could be vulnerable if retaliatory measures are imposed.