ADVERTISEMENT“We should read that figure cautiously,” Subramanian said in an interview on Friday with Bloomberg Television’s Menaka Doshi. Risks from US trade policy also remain high. President Donald Trump’s punitive 50 per cent tariffs on Indian goods, partly linked to New Delhi’s purchases of Russian oil, added to the uncertainty. “It is now looking less likely that there will be a trade deal,” Subramanian said, adding that “tariff rates may even move higher”. India also faces pressure from what Subramanian described as “Chinese mercantilism”, as it rapidly exports and diverts goods to developing countries, including India, weighing on the domestic economy.

Source: The Telegraph January 10, 2026 02:20 UTC