Overview
- Finance Minister Nirmala Sitharaman said it is too soon to gauge the impact of the latest U.S. tariff changes on the Indian economy as officials continue their review.
- The commerce ministry is examining implications for bilateral trade, investment flows and key export sectors before deciding next steps.
- Following a February 20 U.S. Supreme Court ruling that struck down IEEPA-based reciprocal tariffs, the president invoked Section 122 to impose a global tariff effective February 24, raising the planned rate from 10% to 15%.
- RBI Governor Sanjay Malhotra said the central bank is monitoring developments, sees no systemic issue, and will keep policy data-driven while providing durable liquidity to markets.
- Sitharaman noted higher gold prices alongside global central bank purchases and said India’s gold and silver imports are not at alarming levels as the RBI monitors flows.