‘This is exactly what India needs...’: Capitalmind’s Deepak Shenoy agrees with Trump’s ‘build in the US’ call

When Donald Trump took aim at Apple for expanding production in India, calling instead for manufacturing at home, Deepak Shenoy, CEO of Capitalmind AMC, found common cause. But his agreement came with a twist — a call for India to adopt the same playbook.

In a post on X (formally Twitter), Shenoy questioned the backlash to Trump’s comments, asking, “Why are we all antsy about Trump telling Tim Cook to not build in India but to build in the US?” He then pointed inward, urging Indian policymakers to push domestic firms toward local manufacturing as well.

“This is exactly what India needs to be telling its own manufacturers too — build here, not in China,” Shenoy wrote. “Every country’s leader wants jobs for their own people.”

The remarks followed a pointed statement from former US President Donald Trump at a business event in Doha, where he criticised Apple CEO Tim Cook for expanding operations in India. “I said to him, my friend, I am treating you very good. You are coming up with $500 billion, but now I hear you are building all over India. I don't want you building in India,” Trump said. “You can build in India, if you want to take care of India because India is one of the highest tariff nations in the world.”

Despite the criticism, Trump hinted at a shift in trade dynamics, claiming India had offered a deal that would bring “basically zero tariffs” on a wide range of American goods. “India offered US a deal, basically zero tariffs,” he said, suggesting progress in trade talks during his West Asia tour.

However, Indian officials struck a more cautious tone. Speaking on May 15, External Affairs Minister S Jaishankar clarified that negotiations were ongoing and no agreement had been finalized. “Between India and the US, trade talks have been going on. These are complicated negotiations. Nothing is decided till everything is,” Jaishankar said. “Any trade deal has to be mutually beneficial; it has to work for both countries.”