Indian markets surged Monday on news of a potential goods and services tax overhaul. James Thom of Aberdeen said he remains bullish on India’s structural outlook, noting the reform could revive weakening consumption and cushion the impact of high U.

White House adviser Peter Navarro criticized India's Russian oil imports in an op-ed after Trump announced new tariffs targeting India and other countries buying Russian energy.

U.S. President Donald Trump has announced additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%.

In an insightful conversation with Firstpost’s , American economist Prof. Jeffrey D Sachs shares his take on the Trump tariffs on India and elucidates how New Delhi should navigate the rough waters.

India has stepped up purchases of discounted Russian crude since the onset of the Ukraine war, straining relations with Washington.

Mr Modi did not mention the tariffs or the US in his speech that lasted nearly two hours. Last week, US president Donald Trump imposed an additional 25 per cent tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations.

India has recommended a three-year import tariff of 11%-12% on some steel products to curb shipments from top producer China.

India and China are aware of the “very high political, economic and military cost of frozen relations,” he says. “China felt it had pushed India too close to the U.S. while India realized that it was losing its vaunted strategic autonomy by getting too close to Washington and turning Beijing into an adversary.”