 "Tariff shocks and tailwinds: Risks and openings for India's economy")
Tariff measures announced by the United States (US) on April 2 (later suspended until July 9), along with countermeasures — especially by China — are a major negative shock to the global economy. The International Monetary Fund (IMF) now projects global growth to slow to 2.8 per cent in 2025, down from the 3.3 per cent forecast in January.
India will also be adversely affected, though not to the same extent as many other major emerging market economies (EMEs). The Indian economy is largely driven by domestic demand, with total exports to the world and the US constituting 22 per
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