Surya Sarathi Ray

Soon after Trump’s threat, which took the entire of India by surprise, the Modi government pushed back. In a strongly worded statement, the Modi administration defended India’s energy strategy, stating that the country's crude oil purchases from Russia are “a necessity compelled by global market conditions” and not a political endorsement of Moscow.

The US is India's largest trading partner. India exported goods worth around $90 billion in 2024. The new tariffs are expected to impact India’s exports, particularly labour-intensive products such as garments, pharmaceuticals, gems and jewellery, and petrochemicals.

While the word has advanced far in regulating crypto currency, India’s domestic crypto regulation remains undefined. Even G20 peers are...