US Edition‘Not a major concern’: In Washington, RBI Governor Sanjay Malhotra downplays impact of Trump’s tariffs on India
RBI Governor Sanjay Malhotra states US tariffs caused a 20% export drop in September but have limited effect on India’s overall economic growth.
- Last month, India's goods exports to the United States fell 20% in September and nearly 40% over four months as 50% tariffs kicked in on 27 August.
- Trade negotiations resumed last month, restarting stalled talks with aims to conclude by next month as bilateral trade reached $190bn against a $500bn target.
- Ajay Srivastava of Global Trade Research Initiative said `US has become India's most severely affected market since the tariff escalation began`, with textiles, gems and jewellery, engineering goods and chemicals hit hardest.
- India's trade deficit widened to $32.15 billion, driven by four consecutive months of declining shipments to the United States, down from $8.8bn to $5.5bn.
- On Wednesday, Trump said Prime Minister Narendra Modi agreed to stop buying Russian oil, and an Indian foreign ministry spokesperson said discussions with the US were ongoing and about energy co‑operation.
10 Articles
10 Articles
The RBI Governor has made a significant statement regarding Donald Trump's tariffs. He downplayed concerns about Trump's tariffs, calling the Indian economy a domestic economy.
Times of India
The Economic TimesRBI governor highlights India’s growth prospects amid tariff concerns
RBI Governor Sanjay Malhotra indicated that an early resolution to tariffs would boost India's economic growth, though higher tariffs are not a major concern. He noted that while capacity utilization and investment sentiment are improving, uncertainties are delaying business and household expenditures. The central bank projects 6.8% growth for the fiscal year, factoring in current tariff levels.
US Tariffs Not A Matter Of Huge Concern For India's Growth: RBI Governor
India has recorded phenomenal growth with over 8 per cent projections in the past year amid unprecedented global uncertainties, RBI Governor Sanjay Malhotra said at the International Monetary Fund's (IMF) annual meeting on Wednesday.
US Tariffs Not a Matter of Huge Concern for India’s Growth, Says RBI Governor Sanjay Malhotra at IMF-World Bank Event | 📰 LatestLY
Reserve Bank of India Governor Sanjay Malhotra on Wednesday asserted that the 50 per cent US tariffs on India are “not a matter of huge concern” for India's growth. While speaking at an event during the IMF-World Bank meetings in Washington, DC, Malhotra said that India’s status as a “domestic-driven economy” negates the negative impact of US tariffs. 📰 US Tariffs Not a Matter of Huge Concern for India’s Growth, Says RBI Governor Sanjay Malh
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