Bilateral trade was $132 billion in 2024-25, with a roughly $41 billion surplus in India's favour. Indian markets steadied after staging an initial relief rally, but economists said investors appear wary of the $500 billion headline. "The markets seem to be treating the $500 billion purchase intention with a degree of scepticism," said Dhiraj Nim, an economist at ANZ. India had a total goods trade deficit of $283.5 billion in 2024-25. "If it is a $100 billion every year, it will completely upset India's trade balance," said independent trade expert Biswajit Dhar.

Source: The Telegraph February 11, 2026 11:25 UTC