India Assesses Impact of US Tariff Hike Amid Economic Growth Ambitions

India is evaluating the consequences of the US-imposed tariffs on its economy, as President Donald Trump enforces reciprocal duties to reduce trade deficits. The assessment, conducted by the Department of Commerce, parallels India's aspirations to become a global economic powerhouse projected to reach a USD 5 trillion economy by 2027.

India is scrutinizing the implications of the recent tariff hikes imposed by the United States, as announced by Minister of State for Finance, Pankaj Chaudhary. The US tariffs, part of President Donald Trump's strategy to mitigate trade deficits, have raised concerns over their effect on India's export economy.

Chaudhary emphasized the government's commitment to placing India first, noting assessments are underway to evaluate the full impact. The US measure, which sees a 27% reciprocal duty on Indian goods, is part of a larger move to enforce similar tariffs on about 60 countries.

In parallel, India is ambitiously advancing its economic growth goals, with aspirations to expand into a USD 5 trillion economy by 2027. Discussions for a comprehensive Bilateral Trade Agreement continue, aiming to augment trade and supply chain integration between the two countries.

(With inputs from agencies.)