PHDCCI Optimistic On Economy But RBI, Experts Flag Tariff Risks
India is poised to remain the world’s fastest-growing major economy in 2025, even as rising US tariffs test the resilience of its exports, according to a white paper by the PHD Chamber of Commerce and Industry (PHDCCI). On Monday, US President Donald Trump threatened to “substantially raise” tariffs on India over its oil trade with Russia.
In a post on Truth Social, he accused India of “buying massive amounts of Russian Oil” and “reselling it for big profits” on the open market. He further criticized New Delhi for “not caring” about the loss of lives in Ukraine due to the ongoing war. Earlier, New Delhi strongly rejected Trump’s remarks, calling the threat “unjustified and unreasonable”.
Notably, the PHDCCI report called India “the brightest global star”, showing its structural momentum in manufacturing, technology and value-added exports. A report by the State Bank of India (SBI) Research, however, revealed that the domestic economy could take a hit after the US imposed tariffs on Indian exports, with an additional penalty linked to its trade with Russia.
