The Indian economy is mainly driven by domestic demand, and has substantial services exports, which is not going to be targeted by the Trump Administration, according to S&P Global Ratings.

India should look at a 'zero-for-zero' tariff approach to counter proposed US reciprocal tariff increases, focusing on eliminating import duties on certain American products in exchange for similar concessions,

U.S. President Donald Trump's threat to impose reciprocal tariffs from early April is feeding anxiety in India's export sectors from autos to agriculture, with Citi Research analysts estimating potential losses at about $7 billion a year.