Starting April 2025, the US rolled out multiple tariffs on Indian goods, with rates shifting between reciprocal measures and duties tied to India’s Russian oil purchases. Some actions were suspended or revised over time. The biggest twist came when US courts struck down parts of the reciprocal tariff system, changing the pressure on exporters and trade negotiations.
Nomura expects India’s growth to slow in the first half of FY27 as supply disruptions weigh on activity, even as demand remains resilient. The economy is forecast to recover in the latter half, leading to 6.8% full-year growth. Supportive policies and easing trade tensions are tailwinds, but the Iran conflict is flagged as a key risk.
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