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US tariffs on Indian imports could slow India's growth
The US is hitting some Indian exports with tariffs as high as 50% starting August 27, blaming India's ongoing purchases of Russian oil.
Well-known economist Swaminathan Aiyar thinks India should push back.
Analysts warn these new trade barriers could seriously hurt key industries and slow the country's growth.
Analysts warn of job losses, GDP hit
Analysts warn sectors like textiles, seafood, and jewelry could take a big hit—possibly costing jobs and shaving up to 1% off India's GDP growth in 2024.
To help soften the blow for exporters, the government is prepping a $2.8 billion aid package.
Meanwhile, officials like S. Jaishankar are defending India's oil deals with Russia and looking for ways to keep the economy steady despite rising tensions with the US.