Author: Arun Kumar

If there was one feature that characterised the Indian economy in 2025, it was uncertainty. This stemmed from both internal and external factors. The penal tariffs imposed on India by US President Donald Trump were central to this uncertainty. These measures affected India’s exports, balance of payments, the depreciation of the rupee against the dollar and the decline in net foreign investment, among other outcomes. President Trump campaigned on the slogan MAGA (Make America Great Again), so it was evident that he would aggressively pursue pro-US policies. He accused India and China of taking away good jobs from American workers…