A potential 250% tariff on Indian pharmaceuticals, threatened under the banner of American national security, is far more than a trade dispute. It is the sound of a geopolitical myth shattering. For years, New Delhi has operated under the powerful illusion that it was the indispensable exception to the rules of global power politics. It believed it could walk a diplomatic tightrope, benefiting from Western markets and defence partnerships while simultaneously deepening ties with adversaries like Russia. That illusion is now facing a brutal dose of reality, and the consequences could trigger an industrial disaster for India.

The numbers alone are staggering. The United States is not just a market for India’s $50 billion pharmaceutical industry; it is its lifeblood, accounting for nearly $10 billion in exports. One in every three generic pills consumed by Americans is made in India. A........

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