India's exports continued to grow in November, defying concerns of a prolonged downturn due to US tariffs. Shipments to the US increased by more than 22% year-on-year, while overall exports rose by 19%, reaching a record $38.13 billion over the past decade. This rebound follows a breakdown in trade negotiations between the countries.
Trump imposed the world's highest tariffs of 50% on India in August in response to the country's purchases of Russian oil. Nevertheless, India has managed to boost its exports, strengthening its position in negotiations. Ajay Shrivastava, an analyst at the Global Trade Research Initiative, noted that New Delhi can now demand a reduction in tariffs from 50% to 25%, especially considering the reduced imports of Russian oil.
Indian Finance Minister Nirmala Sitharaman dismissed Trump's criticism of BRICS as a dying economy, pointing to the country’s GDP growth of 8.2% and raised forecasts from the Reserve Bank. These figures demonstrate that the pressure from sanctions has not crippled India's economic activity as it continues to be part of the BRICS group.
