India's Economic Resilience Amid US Tariff Dispute

Chief Economic Adviser V Anantha Nageswaran expects a resolution to the US tariff issues within two months. The US imposed additional tariffs on Indian products due to Russian oil purchases. Despite challenges, India's economy shows robust growth and resilience, with focused government expenditure and private investment incentives.

Chief Economic Adviser V Anantha Nageswaran expressed optimism on Thursday, predicting that a resolution to ongoing tariff disputes with the United States should be reached within the next two months. Currently, Indian products face an additional 25% tariff, prompted by the nation's purchase of Russian oil.

Speaking at an event organized by the Bharat Chamber of Commerce, Nageswaran highlighted that conversations between the Indian and US governments are actively underway. He indicated that a tariff solution is expected soon, warning of the potential impact on exports if the issue remains unresolved.

Nageswaran underscored India's economic strength, boasting a 7.8% GDP growth in the first quarter of the financial year, surpassing post-pandemic growth rates globally. The adviser remains positive about India's economic trajectory, citing resilient rural demand, increasing urban consumption, and healthy external trade dynamics as key contributors.

(With inputs from agencies.)