HSBC says US tariffs to hit India's labour-intensive sectors, cut GDP

** US' 50% tariffs on Indian goods could cut GDP by 0.7 pct points if they stick for a year, HSBC says

** Burden will be heaviest on labour-intensive sectors like jewelry, textiles and food items, says brokerage

** Notes tariffs on India higher than on neighboring countries; expects "meaningful" indirect impact via weaker corporate capex

** However, domestic economic reforms such as potential tax cuts are a "silver lining" - HSBC

** Adds, months running up to the tariffs announcement also flagged growth concerns with weak manufacturing and consumption

** Benchmark Nifty 50 .NSEI down 0.4% on the day after the 50% tariffs came into effect on Wednesday