Overview

• A White House executive order imposes a 25% reciprocal tariff on Indian goods from October 5, with temporary exemptions for oil, pharmaceuticals, smartphones and electronic products.
• India’s refiners have already scaled back Russian crude imports in response to potential US penalties, according to Kpler data.
• Ratings agency ICRA downgrades India’s GDP growth forecast for 2025–26 from 6.2% to 6.0%, flagging further risk if penalties expand.
• Prime Minister Narendra Modi urges a renewed ‘vocal for local’ drive, highlighting India’s ascent toward the world’s third-largest economy.
• Washington and New Delhi continue trade talks under pressure to strike a bilateral deal before the tariff deadline and avert deeper duties.